Citigroup intends invest in London,
City Bank is Recruiting human resources despite 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 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 house 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 officials denied the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a critical setback to Britain’s hopes of keeping extensive access to EU markets for one of the world’s leading two financial centers.
Britain is already home to the world’s greatest 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}, virtually twice the amount of its closest competitor, 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.