“The survey indicates that the financial industry is prepared to accept the potential drawbacks of a No Deal Brexit if it means finally obtaining clarity about future framework conditions.”
Despite their concerns, almost two-thirds of those surveyed said they believed the German financial sector was sufficiently prepared to cope with No Deal.
And 88 per cent said they believed a No Deal Brexit would lead to businesses and staff being relocated to continental Europe.
“Should there be a hard Brexit, which the majority of respondents assumes is the most likely scenario, it will be important for financial centres in continental Europe to demonstrate their efficiency,” said Hubertus Väth, managing director of Frankfurt Main Finance, an association of leading German bankers which funded the study.
“If we succeed in cooperating across borders, Europe could emerge from the crisis even stronger.”
The Center for Financial Studies is an independent, non-profit research institute affiliated to Frankfurt’s Goethe University.
The study was carried out alongside the institute’s quarterly CFS Index of German financial sector sentiment, and polled its regular panel of senior executives in the banking and financial services sector.