Nearly 20 banks have committed to launching new European Union hubs in Frankfurt since the Brexit vote, while rival cities are still competing for the 60 firms that are yet to decide.

German state of Hesse economy minister Tarek Al-Wazir reported that Frankfurt had attracted many “top-tier” banks and it is confident in landing many more, claiming that they are “No.1 on the continent” and that “this will continue”.

Many big banks, such as J.P. Morgan and Goldman Sachs, have made their decisions about on where they are going to settle in the EU, but smaller firms, such as brokerages and corporate treasury centres, have yet to launch contingency plans, accord to Frankfurt Main Finance head of lobby group Hubertus Vath.

However, despite banks launching hubs in Frankfurt, Paris has been chosen as the new location for the London-based European Banking Authority, although the minister said that it would provide a limited competitive edge.

According to Al-Wazir, firms were drawn to Frankfurt as they were tempted by reforms, such as making it easier to fire and replace high-earning bankers.

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