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Citi had said in July that it would base its main EU-broker dealer — which the group uses for its trading and markets business, in Frankfurt.
At that time Jim Cowles, Citi’s Europe, Middle East and Africa boss, told staff that other businesses would be scattered across Amsterdam, Paris, Dublin, Luxembourg and Madrid. A total of about 150 jobs would be added across those EU centres, Mr Cowles said.
Citi’s private bank is entirely focused on “ultra high-net worth” (UHNW) clients, who each have total wealth of $25m and at least $10m of that money with Citi. At present many European clients are handled by staff in London and services provided to them are booked in the UK.
In response to questions from the Financial Times, Citi said on Wednesday night that it had “taken the decision to build a booking centre in Luxembourg for its European resident UHNW clients, in the event of a hard Brexit”. [...]
A report published by consultancy EY on Thursday shows Dublin and Frankfurt remain the preferred destinations for the 28 financial services companies that have announced where they will expand after Brexit. Thirteen firms have announced moves to Dublin, 12 have said they will expand in Frankfurt, while Luxembourg came in third, with six announcements in its favour, said EY. Many companies are expanding operations in multiple cities. [...]
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