Frankfurt expects up to 10,000 financial industry workers to relocate from Britain to Germany's banking capital as a consequence of Brexit, according to a Frankfurt lobby group.
"We're going to benefit most," Hubertus Vath, managing director at Frankfurt Main Finance, told reporters in London on Thursday.
"Within the eurozone you need to be in Frankfurt to service the area," he added.
Several U.K. based banks are poised to announce at least part of their business operations are being moved from London to another European city, with countries on the continent scrambling to attract top financial officials.
City lenders are attempting to maintain their services throughout the bloc as the U.K. begins its withdrawal from the European Union (EU).
Brexit negotiations have not yet started, however, the U.K. took a step closer to beginning formal negotiations with the bloc as parliament cleared its first legislative hurdle. The U.K. parliament voted overwhelmingly in favor of starting the formal two year negotiation process with the EU on Wednesday.
Britain could be set to complete the legislative process by March 7 which would meet Prime Minister Theresa May's self-imposed April deadline.