Frankfurt, along with Dublin, is emerging on top in the battle to draw highly-paid banking jobs - and the tax revenue that they bring - away from London before Britain's departure from the European Union in March 2019. Laura Frykberg reports.
Europe's financial capital may look strong and stable. But its foundations - could be about to crumble - under the weight of Brexit uncertainty. Picking up the pieces: Frankfurt... (SOUNDBITE) (English) FRANKFURT MAIN FINANCE MANAGING DIRECTOR HUBERTUS VAETH SAYING: "It's first of all very open, it's a very international city. The ECB is here." and Dublin. (SOUNDBITE) (English) HEAD OF DUBLIN'S FINANCIAL SERVICES AT IDA KIERAN DONOGHUE SAYING: "Certainty is very important, so they're looking across the Irish sea to Dublin as a potential alternative to London." The two cities have spent a year, luring financial institutions away from London. In the last month alone, Morgan Stanley, Citi and Bank of America have all been won over. SOUNDBITE (English) JAMES HUGHES, CHIEF MARKET ANALYST, GKFX, SAYING: "It's the fact that we just don't know what Brexit Britain looks like for businesses or for individuals. So that causes an issue. Now we're not seeing the huge exodus of jobs and companies from London to other places. " Lobbying at Frankfurt Main Finance has been on unprecedented scale. With a budget of 1 million euros, the team has taken fifty foreign trips in the last year, from London - to New York, to Japan. (SOUNDBITE) (English) FRANKFURT MAIN FINANCE MANAGING DIRECTOR HUBERTUS VAETH SAYING: "In the beginning it was an uphill battle because there's still a perception where Frankfurt was considered a sleepy city and a bit of a cultural backwater. So we've been taking the opportunity to highlight and show developments. People came, saw and said wow." Another player has also entered this competition. It too with the lure of the single market. So far Paris has only secured interest by HSBC. But with a new pro-business president, it's likely it'll jump at other opportunities that come its way.