From Investing.com:

Munich is gaining attention as a new financial hub, drawing foreign banks due to its high number of companies, tech start-ups, and large insurers. Big names like Goldman Sachs and Morgan Stanley are being pulled in by Munich’s strong client base and are set to establish offices in the city.

Next month, Goldman Sachs will open its first office in Munich, followed by Morgan Stanley in the summer, aiming to be close to their clients and take advantage of Munich’s increasing international influence. The move has been driven in part by Brexit, which has shifted business to the European continent.

Despite Munich’s appeal, many believe Frankfurt remains the true banking capital of Germany due to its international openness, with only a small fraction of bankers currently employed in Munich. However, with the city’s growing influence and increasing number of foreign banks, Munich is quickly becoming a major player in Germany’s financial sector.



Read more: Munich’s mountains and tech tempt big banks from Frankfurt By Reuters