Citigroup aims make investments in London,
City Bank is Recruiting employees despite Brexit:
Wall Street bank Citigroup Inc will deploy an innovation center in London in one of the primary investments by a big U.S. bank since Brexit, the Financial Times said 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 boost for UK’s financial services marketplace in advance of Brexit.
European Commission administrators denied the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a major strike 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 hub 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 administered in (London|the UK capital}, approximately twofold the amount of its closest competitor, Paris.
About 10,000 finance jobs will be moved out of Britain or created overseas in the following few years if it is declined access to Europe’s single market.