Citigroup becomes latest major bank to pick Frankfurt as EU hub
Citi is almost doubling its operation in the German city, which will undertake some of the activity currently handled in London
New York — Citigroup has chosen Frankfurt as its newest trading hub in the European Union and plans to present that option to its board of directors this week for approval, according to a person with knowledge of the decision. The choice to expand the bank’s existing broker-dealer in the German city means it will create between 150 and 250 new roles there, said the person, who asked not to be identified talking about internal policies. It was yet to be decided whether the jobs would be filled by moving existing employees or by hiring locally, and it was likely to be some combination, the person said. The location, where Citigroup already has about 350 employees, is expected to handle some of the trading activities currently done in London, though the UK capital will remain the headquarters for Europe, the Middle East and Africa, the person said. Sky News reported the decision on Monday. Frankfurt has emerged as a winner of the Brexit vote, with Standard Chartered, Nomura Holdings, S...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.