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Citigroup to pick Frankfurt as EU base this week - sources

Reuters  |  FRANKFURT/LONDON 

By Alexander Hübner and Anjuli Davies

FRANKFURT/(Reuters) - U.S. Inc is set to become the latest to pick Frankfurt as its European Union base this week in preparation for when leaves the European Union, two sources told on Monday.

Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the and move "a couple of hundred" jobs outside of after Brexit. Citi's European base move was reported on Monday by Sky

British finance minister Philip Hammond said this month that the country should push for a transitional deal to help businesses, as the government held its first high level meeting with corporate leaders to discuss Brexit.

Global banks have said they could move thousands of jobs out of to prepare for the country's planned exit.

Financial services firms need a regulated subsidiary in an country to offer products across the bloc, which could prompt some to move jobs out of if it loses access to the European single market.

The Association of Foreign Banks in Germany expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter of UBS told German newspaper Welt am Sonntag in June.

Deutsche AG , BNP Paribas SA , Barclays Plc and of America Corp are among the banks contemplating shifting some operations after Brexit.

Citi declined to comment.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 18 2017. 00:14 IST
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