Citigroup sets out plan for Frankfurt EU operation

Citigroup bankers have been officially notified of the lender’s plans to bolster its Frankfurt office as part of Brexit contingency plans.

The bulked-up Frankfurt office – which currently houses 350 staff – will become a brokerdealer entity, allowing the US bank to continue serving EU clients after Britain leaves the bloc.

An internal memo sent to staff said Citi is expecting to ramp up a number of divisions including private banking, corporate and investment banking and capital markets by increasing its footprint in other EU financial hubs including Amsterdam, Dublin, Luxembourg, Madrid and Paris.

Citi’s Europe, Middle East and Africa (EMEA) boss James Cowles told staff that while it is “not yet possible to assess the outcome or timing” of Brexit negotiations, the US lender was likely to increase its EU headcount.

“In all cases, London will remain both our EMEA headquarters and an important global hub for Citi,” Cowles said.