Top banker predicts GERMAN economic crisis if Brexit sees 200,000 bankers ‘flee London’
A TOP German banker has revealed that Europe will become embroiled in infighting if 200,000 bankers leave London after Brexit.
By OLI SMITH
Express.co.uk
Sun, May 7, 2017
Andreas Dombret, a board member at Deutsche Bundesbank, told Bloomberg News that banks had to be “very, very, very careful” as Brexit nears.
The warning comes alongside reports up to 200,000 bankers “could flee” London if the City loses passport rights after Brexit.
Speaking from a trip to Japan, Mr Dombret said most bankers he spoke to expected a “hard Brexit or very hard Brexit”.
JP Morgan and Goldman Sachs revealed plans this week to move hundreds of their London staff to Frankfurt, Luxembourg and Dublin.
Mr Dombret said that major financial risks in Brexit could severely destabilise Europe.
He suggested that the forecasted drain of bankers from Britain sparks a tense fight in Europe.
The banker said: “We have to be very very very careful that we don’t have a regularity race in the eurozone with one country trying to market its financial centre over others and making promises it cannot keep.
“We need to resolve this – or else this presents a major stability risk for Germany.”
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