Business correspondent(es/wp):
Come to Frankfurt and sack your bankers, appears to be the latest blandishment from Germany’s financial centre trying to attract London-based banks looking to move after Brexit.
In the battle for banks who might either move their headquarters or open branch offices in the EU following the referendum, Germany is ready to water down strict European employment laws to make it easier for them to fire highly paid executives.
“The British say: ‘If we hire top earners when it’s booming, we have to be able to quickly reduce our high-wage staff when a boom… stops,’” Thomas Schaefer, Hesse’s finance minister told Bloomberg.
“You can surely waive strict dismissal rules for those who earn a significant amount of money.”
Frankfurt, the capital of Hesse, is vying with Paris, Dublin and Amsterdam to attract banks who want access to the EU after Britain leaves.
“We’ve got to get ahead of the situation on Brexit before other cities like Paris and Milan do,” said Uwe Becker, Frankfurt’s deputy mayor.
Come to Frankfurt and sack your bankers, appears to be the latest blandishment from Germany’s financial centre trying to attract London-based banks looking to move after Brexit.
In the battle for banks who might either move their headquarters or open branch offices in the EU following the referendum, Germany is ready to water down strict European employment laws to make it easier for them to fire highly paid executives.
“The British say: ‘If we hire top earners when it’s booming, we have to be able to quickly reduce our high-wage staff when a boom… stops,’” Thomas Schaefer, Hesse’s finance minister told Bloomberg.
“You can surely waive strict dismissal rules for those who earn a significant amount of money.”
Frankfurt, the capital of Hesse, is vying with Paris, Dublin and Amsterdam to attract banks who want access to the EU after Britain leaves.
“We’ve got to get ahead of the situation on Brexit before other cities like Paris and Milan do,” said Uwe Becker, Frankfurt’s deputy mayor.
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