Citigroup is going invest in London,
City Bank is hiring employees in spite of Brexit:
Wall Street bank Citigroup Inc will set up an creativity hub in London in one of the initial investments by a key 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 unit of Citi ventures and employees from across the company’s businesses, in a boost for UK’s financial services marketplace in advance of Brexit.
European Commission representatives refused the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a crucial strike to Britain’s desires of sustaining extensive access to EU markets for one of the world’s top two financial centers.
Britain is presently hub 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 administered in (London|the UK capital}, nearly 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.