Citigroup in discussions to move London operations following Brexit
Major US banking group Citigroup is discussing plans with several European countries about moving some of its London operations, including Ireland, Italy, France, Spain and Germany, following Britain's departure from the European Union.
Citigroup Inc.
$62.66
11:04 26/04/24
Many multinational firms have expressed doubt about the viability of some of their options in the country after Brexit, with some major names having already announced decisions to move to the continent.
James Cowles, Citi's head of operations in Europe, the Middle East and Africa told the European Financial Forum in Dublin that many other companies will be having similar discussions.
"We will be making a decision in the first half of this year, it’s a decision that every bank has to make in the first six months of this year," Cowles said at the event.
Cowles cited the likely loss of passporting rights in Britain after Brexit takes place, which is likely within two years of triggering Article 50.
"Our issue is with our broker dealer, which is located in the UK and will lose, presumably, passporting rights," he said.
"We've reached out, we've talked to regulators and people at government across many countries in Europe, including Ireland, Italy, Spain, France, Germany and the Netherlands, and we're in the process of evaluating each one of them," Cowles said.
Other major financial institutions such as JPMorgan and Goldman Sachs have already indicated the likelihood of thousands of jobs moving out of the City due to uncertainty surrounding Brexit.