Citigroup to pick Frankfurt as EU base this week - sources
U.S. bank Citigroup Inc
Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Citi`s European base move was reported on Monday by Sky News.
British finance minister Philip Hammond said this month that the country should push for a transitional deal to help businesses, as the government held its first high level meeting with corporate leaders to discuss Brexit.
Global banks have said they could move thousands of jobs out of Britain to prepare for the country`s planned EU exit.
Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market.
The Association of Foreign Banks in Germany expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter of UBS
Deutsche Bank AG
Citi declined to comment.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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