Citigroup to Move 63 Traders and Bankers From U.K. Over Brexit
(Bloomberg) -- Citigroup Inc. plans to move 63 people outside of the U.K. as the lender continues to plan for the nation’s exit from the European Union.
- Citigroup said in an internal memo it proposed relocating 45 employees from its trading unit and 18 from its private bank.
- Banks aren’t waiting to see what happens with Brexit negotiations before moving ahead with plans to beef up operations outside the U.K. Goldman Sachs Group Inc. and Standard Chartered Plc have recently boosted the number of staff moving to Frankfurt.
- Citigroup executives have indicated that Brexit won’t be as much of a disruption for the bank because it already has operations across Europe. Still, Wednesday’s announcement shows some jobs will have to be moved out of London in case of a hard Brexit.
©2018 Bloomberg L.P.