Citigroup envisions to invest in London,
The Bank is Recruiting personnel despite Brexit:
Wall Street bank Citigroup Inc will set up an innovation center in London in one of the first investments by a serious U.S. bank since Brexit, the Financial Times reported 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 improvement for UK’s financial services sphere 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 critical blow to Britain’s expectations of sustaining full access to EU markets for one of the world’s major two financial centers.
Britain is already home to the world’s largest 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}, approximately twofold the amount of its closest competitor, Paris.
About 10,000 finance jobs will be shifted out of Britain or created overseas in the up coming few years if it is denied access to Europe’s single market.