FRANKFURT (Reuters) - U.S. bank Citigroup may choose Frankfurt as the headquarters for its European investment banking and trading activities as part of its Brexit contingency plans, the bank’s European chief told Frankfurter Allgemeine Zeitung.
The bank will be making a decision in the first half of this year, James Cowles, Citi’s Chief Executive Officer for Europe, the Middle East & Africa (EMEA), told the paper.
“Germany is among our favourites,” Cowles was quoted as saying. He also said the professionalism of regulator Bafin and the availability of highly qualified staff added to Frankfurt’s attractiveness.
Citi will move several hundred jobs outside of London in the wake of Britain’s decision to leave the European Union, a step that will likely make it harder to do pan-European business out of London, the newspaper said. In Frankfurt, Citi has around 370 employees, FAZ said.
Reporting by Edward Taylor. Editing by Jane Merriman