Citigroup is further consolidating its European investment bank and trading leadership in Frankfurt as the post-Brexit financial services divergence between the UK and EU becomes clearer.
The US lender has appointed Kristine Braden the new regional chief — with the job title “head of the Europe cluster” — and is moving her to Germany from New York to oversee markets operations.
The 22-year bank veteran succeeds Zdenek Turek, who will become chief risk officer for Europe, the Middle East and Africa (Emea) based in London, according to a memo sent on Thursday seen by the Financial Times.
“It is a clear endorsement of Germany as a market and Frankfurt as centre for our post-Brexit EU operations,” said David Livingstone, Citi’s Emea head. “As the EU faces decisions on the formation and structure of its capital markets, we are moving our leading people there to help their development for the next generation.”
Wall Street banks are overhauling their European operational structures in response to Brexit. The City of London, their regional hub, is set to lose unfettered access to EU markets after a year-long transition period that is due to end on December 31.
In anticipation of this, large US lenders including Citigroup, JPMorgan, Morgan Stanley and Goldman Sachs have opened new offices or expanded in cities such as Frankfurt, Paris, Madrid, Amsterdam and Dublin.
[...]“These moves also reflect the much clearer situation we are in regarding Brexit, but there is no change in how we are preparing,” Mr Livingstone added. “We still have a combination of a Europe-wide headquarters in Dublin and a broker-dealer hub in Frankfurt.” [...]
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