And the American bank noted that they will be adding about 150 people to their EU operations - but specifically through new hires, not relocating British employees.
Citi currently employs about 9,000 staff in the UK, 6,000 of which are based in the City of London.
Alan Houmann, Citibank’s head of government affairs for Europe, the Middle East and Africa, spoke to the media and advised that any relocations in the upcoming months are not a direct result of Brexit alone. He suggested that there are larger trends at work and Citi’s only goal is to, “Be ready to serve our European clients and our plans are very much under way to do that.”
Also of note, Houmann added that Citi has been very happy with how UK government has been working with the financial sector. “There’s no lack of conversations, whatsoever. We feel like we’re being heard.”
Citi has been making moves to update main offices, such as Frankfurt, but Houmann was quick to note that plans are not entirely Brexit, but simply business, related. Citi has submitted an application to German regulators to convert Frankfurt into a broker-dealer entity and is looking to do add to its current broker-dealer office in Dublin.
Although the majority of the new hires are heading to Germany, Citi is also looking to hire staff in Paris, Madrid, Milan, Amsterdam and Dublin.
Good news for Citibank staff who love living in the capital - London is still good for banking! Major corporations like Citi are working with UK government to make a sustainable and profitable plan for the future post-Brexit.
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