Citi said considering moving some London based staff to Frankfurt

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Tthe firm is said to be already in discussions with the German financial regulator BaFin about getting the necessary approvals'.

Citigroup is considering moving some of its London-based equity and interest-rate derivatives traders to Frankfurt after Brexit is triggered, according to people with knowledge of the matter.

Bloomberg News reports that the firm is already in discussions with the German financial regulator BaFin about getting the necessary approvals, said the people, who asked not to be identified because the talks are private. Citigroup’s plans could change depending on how the negotiations between the U.K. and European Union develop, one of the people said.

Citigroup’s efforts show banks are shifting from warning about moving jobs from Britain to firming up plans to do so by picking specific destinations. The bank expects to have desks up and running across the region before the end of the expected two-year negotiation period and is in discussions with the European Central Bank and regulators in EU nations including Ireland about relocating other parts of its operations, one of the people said.

“We are evaluating our options as negotiations between the EU and U.K. continue,” Edwina Frawley-Gangahar, a Citigroup spokeswoman, said in an e-mailed statement. “Considerable uncertainty remains over the nature of the U.K.’s eventual exit from the EU, and therefore we have not taken any decisions at this point. London is, and will remain, our EMEA headquarters and a global hub for many of our businesses.”

To access the complete Bloomberg News article hit the link below:

Citi Said to Weigh Derivative Desk Move to Frankfurt on Brexit

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