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Citigroup to move 63 jobs out of London over Brexit

Citigroup to move 63 jobs out of London over Brexit
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren   -   Copyright  Chris Helgren(Reuters)
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(Reuters) – Citigroup <C.N> said on Wednesday it was planning to move 63 jobs out of London, as it prepares for the possibility of a hard Brexit.

The Wall Street bank was looking to relocate 45 employees from its trading unit and 18 from its private bank to other countries within the European Union where it already has a presence, Citigroup said in an internal memo.

The bank said it would try to retain as many staff members as possible, through permanent relocations to countries within the EU.

Alongside a number of its peers, Citi has already opted to bolster its operations in Frankfurt, where its EU trading business will be based after Brexit.

It has also applied for a markets licence and hired senior staff in France, while setting up a unit in Luxembourg to support its private bank.

(Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Anil D’Silva)

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