Citigroup aims invest in London,
City Bank is hiring employees in spite of Brexit:
Wall Street bank Citigroup Inc will put together an innovation facility in London in one of the primary investments by a top U.S. bank since Brexit, the Financial Times informed us 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 devision of Citi ventures and employees from across the company’s businesses, in a growth for UK’s financial services sector ahead of Brexit.
European Commission administrators turned down the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a major blow to Britain’s desires of keeping full access to EU markets for one of the world’s top two financial centers.
Britain is currently hub to the world’s highest number of banks commercial insurance firms. Approximately 6 trillion euros ($7.35 trillion), or 37 percent, of Europe’s financial assets are administered in (London|the UK capital}, approximately twice the amount of its nearest equivalent, 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.