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Citi mulls making Germany EU trading hub post Brexit

Reuters

(Corrects Feb. 21 story sourced to media report after bank says is thinking of making Germany a hub for sales and trading in the EU, not its European headquarters for investment banking)

FRANKFURT (Reuters) - U.S. bank Citigroup <C.N> may choose Frankfurt to become its hub for sales and trading in the European Union, the lender said on Wednesday, adding it may move "a couple of hundred" jobs outside of London after Brexit.

The comments were in response to an article in Frankfurter Allgemeine Zeitung (FAZ), which said Citigroup was considering moving jobs outside of London, quoting James Cowles, Citi's Chief Executive Officer for Europe, the Middle East & Africa (EMEA).

The bank will be making a decision in the first half of this year, the paper said.

"Germany is among our favourites," Cowles was quoted as saying. He also said the professionalism of regulator Bafin and the availability of highly qualified staff added to Frankfurt's attractiveness.

Britain's decision to leave the European Union will likely make it harder to do pan-European business out of London, Cowles was quoted as telling the newspaper. In Frankfurt, Citi has around 370 employees, FAZ said.

(Reporting by Edward Taylor; Editing by Jane Merriman)

 

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