Belfast Telegraph

Northern Ireland jobs unaffected by Citigroup's new EU hub

By Staff Reporter

Finance giant Citigroup has said the opening of its latest EU hub in Frankfurt will not affect jobs at its large Belfast base.

The new office could see up to 200 jobs leave the UK due to Brexit.

Between 150 and 200 client-facing roles in sales and trading could be relocated from the UK to its Frankfurt office - which currently houses around 350 staff.

Citi's Belfast operation employs around 1,500 staff.

The bulked-up Frankfurt office will become a broker-dealer entity, allowing the US bank to continue serving EU clients after the UK leaves the bloc.

However, the move will not impact the location of its European headquarters, which will remain in London.

Citi currently employs around 9,000 staff in the UK, 6,000 of which are based in the City.

The announcement will be the culmination of months of planning, with the bank's Europe, Middle East and Africa (EMEA) boss, James Cowles, having told staff in an internal memo earlier this year that it was looking at moving some front-office staff out of the UK.

Mr Cowles said in the memo that the bank had been preparing for Brexit since before the referendum last June, and that company decisions were being made on the assumption of a hard Brexit.

"A hard Brexit would require certain changes, including relocating certain client-facing roles to the EU from the UK, and the possible creation of a new broker-dealer entity within the EU," he said.

Belfast Telegraph