Citigroup will see between 150 and 250 roles in Frankfurt as the group moves forward with its post-Brexit agenda.
Citigroup has moved forward with its plans to relocate its EU base of operations post-Brexit, honing in on Frankfurt as its newest Hub. The decision was preceded by months of contemplation for the US lender. Most other banks operating in the UK are also considering such a move as they wait for cues from the Brexit negotiations.
Citigroup joins Morgan Stanley, which last month became the first US bank to decide on Frankfurt as its future EU trading nexus following Brexit. The timing was ultimately dictated by the Bank of England calling for a mid-July deadline for UK-based banks to provide the regulator with detailed plans about their Brexit strategy. This coincided with a string of recent announcements from a plethora of lenders all publicizing their plans after months of chatter.
Targeted move
Unlike other lenders that are planning a more substantial overhaul or relocation of personnel, Citigroup plans to create only between 150 and 250 new roles in the German city, according to a Bloomberg report. It is presently unclear if these roles will be filled by existing personnel in the UK or will be hired in Frankfurt.
Frankfurt itself does boast many inherent advantages, namely its geo-strategic location in the bloc and talented labor pool. Frankfurt has also opened up its arms to prospective lenders, offering to relax rigid labor laws and give banks more flexibility to make people redundant.
Interestingly, the decision was initially caused by the likely cessation of passporting rights to the UK. However, while UK PM Theresa May has insisted that passporting would be curtailed for lenders, her recent electoral setbacks have led to signs of a softened Brexit, leading to a potential bid to retain these rights.
A two-horse race has now emerged from the original selection of EU cities that threatened London’s status as Europe’s financial capital. Frankfurt and Dublin are now the front runners, securing the biggest names to date. Moving forward, it will be interesting to see if Frankfurt’s dearth of office space, seen as a potential Achilles' heel for broader relocation efforts, will be a factor for other lenders not yet decided on their relocation plans.
Citigroup has moved forward with its plans to relocate its EU base of operations post-Brexit, honing in on Frankfurt as its newest Hub. The decision was preceded by months of contemplation for the US lender. Most other banks operating in the UK are also considering such a move as they wait for cues from the Brexit negotiations.
Citigroup joins Morgan Stanley, which last month became the first US bank to decide on Frankfurt as its future EU trading nexus following Brexit. The timing was ultimately dictated by the Bank of England calling for a mid-July deadline for UK-based banks to provide the regulator with detailed plans about their Brexit strategy. This coincided with a string of recent announcements from a plethora of lenders all publicizing their plans after months of chatter.
Targeted move
Unlike other lenders that are planning a more substantial overhaul or relocation of personnel, Citigroup plans to create only between 150 and 250 new roles in the German city, according to a Bloomberg report. It is presently unclear if these roles will be filled by existing personnel in the UK or will be hired in Frankfurt.
Frankfurt itself does boast many inherent advantages, namely its geo-strategic location in the bloc and talented labor pool. Frankfurt has also opened up its arms to prospective lenders, offering to relax rigid labor laws and give banks more flexibility to make people redundant.
Interestingly, the decision was initially caused by the likely cessation of passporting rights to the UK. However, while UK PM Theresa May has insisted that passporting would be curtailed for lenders, her recent electoral setbacks have led to signs of a softened Brexit, leading to a potential bid to retain these rights.
A two-horse race has now emerged from the original selection of EU cities that threatened London’s status as Europe’s financial capital. Frankfurt and Dublin are now the front runners, securing the biggest names to date. Moving forward, it will be interesting to see if Frankfurt’s dearth of office space, seen as a potential Achilles' heel for broader relocation efforts, will be a factor for other lenders not yet decided on their relocation plans.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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