Citigroup May Hire 150 Staff in EU
- Lender’s presence in other European cities to grow over time
- Banks are preparing for loss of access to the single market
Why More Banks Are Moving to Frankfurt
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Citigroup Inc. said it may hire 150 new staff in the European Union as the Wall Street bank bolsters Frankfurt as its newest trading hub after Brexit.
“In certain circumstances, we may need to create approximately 150 new roles located in the EU,” Jim Cowles, head of Europe, the Middle East and Africa for Citigroup, said in a memo to staff Thursday. Assuming the loss of passporting rights from the U.K. to the trading bloc, “Frankfurt is our first choice for headquartering our EU broker-dealer,” he said. London will remain the bank’s EMEA headquarters.