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.

Key Insights

• 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.

Know More

• The bank said in the memo it will relocate the 63 roles to cities where it already has a presence.
• Citigroup is said to plan moving some private bankers to Spain.
• Citigroup has about 9,000 total staff in the U.K.

To contact the reporters on this story: Donal Griffin in London at dgriffin10@bloomberg.net;Jenny Surane in New York at jsurane4@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson

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