Citigroup has chosen Frankfurt as the basis of decline in post-Brexit, but the us bank has applied for a license in France for its activities in the market. The boss of the american bank for Europe, the Middle East and Africa, James Cowles, said in an interview with the newspaper Les Echos.
“France is important for Citi and the announced reforms to make it more attractive”, argues James Cowles. “We will increase our presence in several activities in Paris, as well as in other countries in Europe.”
Citi had indicated in July that it would be in Frankfurt the seat of its activities as a market for Europe and that it could create 150 new positions in continental Europe in order to pursue its european operations once the Uk has left the EU in 2019.
“The most obvious was to convert our German subsidiary in the investment company. She was already endowed with capital, and we employ over 300 people. But we have also initiated a request for a license of a broker-dealer in France,” says the boss EMEA.
James Cowles clarifies that the Brexit should not affect more than 100 to 200 positions at Citi and that they will be transferred to the main offices of the bank in Europe, such as Frankfurt, Paris, Milan or Luxembourg.
“We will also recruit from. Our German entity will capture certainly specialists in legal, risk, human resources and finance. But what is certain also is that the size of Paris will be more important tomorrow than today.”