Banks renting Frankfurt office space as they prepare to ship out of London

Wall Street is getting set to move to Frankfurt with office space being rented at a rate of knots.

Goldman Sachs has agreed to lease 10,000 square metres of office space at the new Marienturm building in Frankfurt, according to Reuters, making it one of the city’s biggest wins since Brexit.

The bank will take the eight top floors of a new 37-storey tower now being built, giving it space for up to 1,000 staff.

JP Morgan is also considering renting two additional floors on top of the five it now occupies at a high-rise tower in the centre of town.

The bank currently has 450 staff in Frankfurt, but that could increase significantly if British jobs are transferred as a result of Brexit proceedings.

Top German politicians are known to be currently courting banks since the vote, persuading many to move there because Europe’s biggest economy proved unshakeable during the financial crash.

A recent study commissioned by Frankfurt’s chief promoter predicted there would be 10,000 new bankers in the city within four years and that their arrival could create tens of thousands of additional jobs, from estate agents to building workers.

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