Citigroup hopes invest in London,
The Bank is Recruiting human resources even after Brexit:
Wall Street bank Citigroup Inc will set up an innovation facility in London in one of the primary investments by a big 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 unit of Citi ventures and employees from across the company’s businesses, in a growth for UK’s financial services sector ahead of Brexit.
European Commission administrators denied the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a crucial blow to Britain’s hope of managing complete access to EU markets for one of the world’s top two financial centers.
Britain is presently host 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}, nearly twofold the amount of its nearest competitor, 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.