In this case, reports predicts a
loss of only 4,000 jobs in the financial sector, including downstream services.
We consider the latter scenario to be overly optimistic even if London is likely to
remain a global financial hub. After all, the British financial industry employs
more than one million people, of whom more than 350,000 are particularly
flexible and over 150,000 work in the City. In addition, a hitherto well-functioning
British business model has had the effect of increasing the number of
employees in the City, and in the greater London area, by more than 10% since
2009. By contrast, the number of people employed in Frankfurt’s financial
industry has been stagnating around the 80,000 mark in recent years.
A slight drop in the number of employees in banking has been counterbalanced by
increases in the insurance sector and at financial regulators.