With Brexit negotiations commencing, many international businesses are unsure of what to expect, and, in the financial industry, where being several steps ahead of the market and properly managing risk are key, this can be especially problematic. Considering that many big players in the finance and banking industry initially chose London as their base for operation in the EU, the coming split means that, in order to maintain a consistent presence and market access in an EU financial centre, they must move a percentage of their operations.
There are many contenders who could possibly take a portion of 75,000 financial jobs that London could potentially lose, though few locations could handle a majority of this number, let alone the maximum estimate of 230,000 financial-related professionals who could leave the UK. Most are either too small (Luxembourg), too expensive (Paris), or lack the resources to support such an influx (Amsterdam and Dublin); however, there is one location that seems to be an ideal fit, and, furthermore, it also happens to host the European Central Bank.
Already firmly established as one of Europe’s financial capitals, Frankfurt has the perfect blend of well-developed financial infrastructure, capacity, and a low cost of living and doing business. And with the presence of the ECB, companies with substantial operations in Frankfurt might be at a competitive advantage compared to a company with a base of operations in Madrid, for example.
Though Brexit is far from settled, we are already beginning to see movement in the financial industry. Aside from Asian banks who are now considering Frankfurt as a base of EU operations, we are now seeing strong talk from already established players regarding moving a substantial portion of their EU operations to Frankfurt, such as Goldman Sachs, JPMorgan Chase, Deutsche Bank and Citigroup.
And while Frankfurt may be the best location to accept these incoming bankers, beyond the typical questions of finding adequate office space and supplies, there is also the questions of finding the right providers of B2B services. For example, with a workforce that has predominantly conducted business and submitted reports in English for a number of years, transitioning to German laws and business regulations could cause market disruptions, and moreover, waiting for an in-house adjustment in order to meet language and reports demands simply isn’t an option when hard deadlines or penalties are involved.
The solution is to find a language services provider capable of meeting and understanding the needs of international financial companies. And the ideal partner is, indeed, located in proximity – headquartered in Offenbach am Main, 5 minutes away from the financial heart of Frankfurt, EVS Translations is the market leader for multilingual annual report, tax and compliance translations. Servicing major clients from the finance industry for over 25 years, and maintaining one of the largest IFRS/IAS terminology databases of its kind.
Do you have specific questions regarding financial translation services in the areas of banking, credit card services, insurance, M&A, accountancy or investor relations? EVS Translations looks forward to hearing from you.
EVS Translations Offenbach
Luisenstrasse 3
63067 Offenbach am Main
Tel.: +49-69-82 97 99 0
Fax: +49-69-82 97 99 51
https://evs-translations.com/
