Citigroup contemplate invest in London,
City Bank is hiring staff despite Brexit:
Wall Street bank Citigroup Inc will arrange an innovation facility in London in one of the primary investments by a serious U.S. bank since Brexit, the Financial Times stated 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 house the EMEA unit of Citi ventures and employees from across the company’s businesses, in a improvement for UK’s financial services sector ahead of Brexit.
European Commission officials declined the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a crucial strike to Britain’s hopes of keeping absolute access to EU markets for one of the world’s leading two financial centers.
Britain is presently host 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 managed in (London|the UK capital}, practically twice the amount of its nearest rival, Paris.
About 10,000 finance jobs will be shifted out of Britain or created overseas in the following few years if it is declined access to Europe’s single market.