Citi Staff Plan for Brexit as Top Executives Head Off on Ferrari Road Trip
- Top executives took their annual Ferrari road trip as Citi staff pulled out all stops to prepare for next week’s referendum.
Citi, the world’s biggest currencies-dealing bank, has been working on contingency plans for next week’s UK referendum on EU membership for some time, according to the Financial Times.
Preparations for Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term
Along with all the other major banks, Citi is planning to have staff working through the night when the results are revealed in order to ensure minimal disruption.
Some banks have reserved hotel rooms for their staff while the Bank of England is on standby to offer extra Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to the markets to ensure they function smoothly. However, this has not stopped five of the bank’s most senior currencies executives including James Bindler and Okan Pekin from taking between one and three days out of work last weekend to drive their sports cars across France as they declined to cancel their annual Ferrari road trip.
Citi employees are reported to have said that they felt the holiday was embarrassing and that although “everyone is entitled to a holiday”, the timing and nature of the trip was “insulting” to employees according to sources.
Employees at the bank are regularly reminded that their conduct outside work reflects on the bank. Nonetheless, Citi said that its preparations for the referendum have been going on for many months, and they continue across all businesses.
The latest polls suggest that Brexit could be on the cards, hence bankers across London are working long hours and closely scrutinising contracts to ensure the bank and its customers are not left with hefty losses in the event that sterling plummets.
Big Losses
Citi lost in the region of $200 million in the last major currencies-market shake-out, when the Swiss franc unexpectedly shot up in January 2015.
Some market watchers believe that the referendum may deliver a downward smack of similar size to the pound. Traders are said to be preparing for levels as low as $1.10 in the pound, which is currently trading at just under $1.42 in the event the UK votes to leave the EU.
Citi, the world’s biggest currencies-dealing bank, has been working on contingency plans for next week’s UK referendum on EU membership for some time, according to the Financial Times.
Preparations for Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term
Along with all the other major banks, Citi is planning to have staff working through the night when the results are revealed in order to ensure minimal disruption.
Some banks have reserved hotel rooms for their staff while the Bank of England is on standby to offer extra Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term to the markets to ensure they function smoothly. However, this has not stopped five of the bank’s most senior currencies executives including James Bindler and Okan Pekin from taking between one and three days out of work last weekend to drive their sports cars across France as they declined to cancel their annual Ferrari road trip.
Citi employees are reported to have said that they felt the holiday was embarrassing and that although “everyone is entitled to a holiday”, the timing and nature of the trip was “insulting” to employees according to sources.
Employees at the bank are regularly reminded that their conduct outside work reflects on the bank. Nonetheless, Citi said that its preparations for the referendum have been going on for many months, and they continue across all businesses.
The latest polls suggest that Brexit could be on the cards, hence bankers across London are working long hours and closely scrutinising contracts to ensure the bank and its customers are not left with hefty losses in the event that sterling plummets.
Big Losses
Citi lost in the region of $200 million in the last major currencies-market shake-out, when the Swiss franc unexpectedly shot up in January 2015.
Some market watchers believe that the referendum may deliver a downward smack of similar size to the pound. Traders are said to be preparing for levels as low as $1.10 in the pound, which is currently trading at just under $1.42 in the event the UK votes to leave the EU.