Frankfurt Hopes to Become 'Little London' After Brexit

Frankfurt could become a miniature version of London after Brexit, a city official has predicted, after a study said tens of thousands of jobs would be created, bolstering Germany's banking capital, Reuters reported.

The research, commissioned by the city's chief promoter, is the first comprehensive tally on possible job creation in Frankfurt, as London, its dominant British rival, prepares for life outside the EU.

The analysis predicts there will 10,000 bankers and finance professionals in Frankfurt within four years and that their arrival could create more than 41,000 further jobs, from estate agents to taxi drivers and building workers.

"It's not the City of London but perhaps it can become a little London," said Oliver Schwebel, chief executive of Frankfurt Economic Development, the state agency that promotes the city known for skyscrapers that house Deutsche Bank (DBKGn.DE) and others.

Britain's departure from the EU has prompted banks and investors in London to examine other cities to keep a foothold in the bloc, allowing them to sell across the continent without additional costs or trade hurdles after Brexit.

 Frankfurt and Dublin have emerged as the most popular centers and the Germany city's international schools have seen a deluge of calls as bankers anticipate a move.

Morgan Stanley (MS.N), Citigroup (C.N) and JPMorgan (JPM.N) say Frankfurt will be their EU trading base after Brexit.

But some remain skeptical of the German city, whose culinary attractions include local ciders and sausages, but where night life is subdued and cafes remain largely empty during the working week. A common local joke is that the best thing about the city is its airport, which makes it easy to leave.

The study, commissioned by city...