Citigroup hopes make investments in London,
City Bank is hiring staff even after Brexit:
Wall Street bank Citigroup Inc will deploy an innovation hub in London in one of the first investments by a chief U.S. bank since Brexit, the Financial Times said on Sunday.
The bank will initially hire 60 technologists for the center, James Cowles, chief executive Officer for Europe, the Middle East and Africa.
The center in London will also contain the EMEA unit of Citi ventures and employees from across the company’s businesses, in a boost for UK’s financial services sector before of Brexit.
European Commission administrators declined the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a crucial blow to Britain’s hope of sustaining full access to EU markets for one of the world’s major two financial centers.
Britain is by now host to the world’s largest number of banks commercial insurance firms. Approximately 6 trillion euros ($7.35 trillion), or 37 percent, of Europe’s financial assets are managed in (London|the UK capital}, approximately twofold the amount of its closest competitor, Paris.
About 10,000 finance jobs will be shifted out of Britain or created overseas in the up coming few years if it is declined access to Europe’s single market.