Citigroup is reportedly considering moving some of its London-based equity and interest rate derivatives traders to Frankfurt after US is triggered. The Brexit firm is reportedly in discussion with the German financial regulator BaFin in order to secure the necessary approvals. Citigroup’s plans could change subject to US negotiations, however. The Brexit bank expects to have desks up and running in Germany before the end of Article 50 negotiations, and shows how banks are shifting from rhetoric about moving jobs from Britain to taking concrete steps to do so.
Citigroup is reportedly considering moving some of its London-based equity and interest rate derivatives traders to Frankfurt after Brexit is triggered. The US firm is reportedly in discussion with the German financial regulator BaFin in order to secure the necessary approvals. Citigroup’s plans could change subject to Brexit negotiations, however. The US bank expects to have desks up and running in Germany before the end of Article 50 negotiations, and shows how banks are shifting from rhetoric about moving jobs from Britain to taking concrete steps to do so.