HALISTER: Citi Picks Frankfurt as New EU Broker-Dealer Location: Sky

Citi Picks Frankfurt as New EU Broker-Dealer Location: Sky

(Bloomberg) -- Citigroup’s board has completed plans to set up a 2nd EU-based broker-dealer in Frankfurt after evaluating Paris as an alternative, Sky News reports, citing insiders.
  • New broker-dealer to handle many of the trading activities that currently take place in London; decision won’t affect more than about 150 U.K.-based jobs initially
  • The bank will update U.K.- based employees this week on plans to expand other EU-based operations, with Dublin likely to benefit the most from such moves
  • A number "in the low hundreds" would be affected by other Brexit-related re-allocations of staff unrelated to the broker- dealer operation, an insider said
  • A Citi spokeswoman declined to comment: Sky
To contact the reporters on this story: Huang Zhe in San Francisco at zhuang37@bloomberg.net; Rita Devlin Marier in San Francisco at rdevlin5@bloomberg.net To contact the editors responsible for this story: Sarah Kopit at skopit@bloomberg.net Jim Silver

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Source: BFW (Bloomberg First Word)

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