Citigroup aims make investments in London,
City Bank is hiring employees despite Brexit:
Wall Street bank Citigroup Inc will set up an innovation hub in London in one of the primary investments by a top U.S. bank since Brexit, the Financial Times announced 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 rise for UK’s financial services marketplace before of Brexit.
European Commission officials turned down the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a significant setback to Britain’s hope of keeping complete access to EU markets for one of the world’s top two financial centers.
Britain is by now home to the world’s greatest 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 closest equivalent, Paris.
About 10,000 finance jobs will be moved out of Britain or created overseas in the up coming few years if it is denied access to Europe’s single market.