July 20, 2017 / 12:40 PM / a year ago

Citigroup says may need to create 150 jobs in EU due to Brexit

LONDON (Reuters) - U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt.

FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo

In a memo to staff Jim Cowles, the bank’s head of Europe, Middle East and Africa (EMEA), said the bank also planned to build up its private banking, treasury & trade, capital markets and investment banking businesses in the EU.

This would be done by “increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris,” his memo said.

He added that the bank’s London office would remain its EMEA headquarters.

Reporting by Rachel Armstrong, editing by Maiya Keidan

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