Wall Street bank Citigroup is applying for a licence to conduct sales and trading activities in France, James Cowles, Citi’s Chief Executive Officer for Europe, the Middle East & Africa (EMEA) told a French newspaper on Friday.
Reuters reports that Citi said in July that it would headquarter its EU trading operations in Frankfurt and may need to create 150 new jobs in the EU in order to continue doing business across the bloc once Britain leaves in March 2019.
The bank also planned to build up its private banking, treasury and trade and investment banking businesses across the EU, while London would remain its EMEA headquarters.
“The most obvious option was to convert our German branch into an investment company. It was already sufficiently capitalised and we have more than 300 people there. But we have also started applying for a broker-dealer licence in France,” Cowles said in an interview with Les Echos.
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