Citigroup is planning make investments in London,
City Bank is hiring people even after Brexit:
Wall Street bank Citigroup Inc will arrange an innovation center in London in one of the primary investments by a chief 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 devision of Citi ventures and employees from across the company’s businesses, in a growth for UK’s financial services marketplace in advance of Brexit.
European Commission administrators refused the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a significant blow to Britain’s hope of managing extensive access to EU markets for one of the world’s top two financial centers.
Britain is by now hub to the world’s highest number of banks commercial insurance firms. About 6 trillion euros ($7.35 trillion), or 37 percent, of Europe’s financial assets are handled in (London|the UK capital}, nearly double the amount of its nearest rival, Paris.
About 10,000 finance jobs will be moved out of Britain or created overseas in the up coming few years if it is declined access to Europe’s single market.