Citigroup’s private bank is setting up a new booking centre in Luxembourg that will allow it to administer the accounts of its EU clients in the event of a “hard Brexit” that involves tariffs or trade barriers, the Financial Times reported.
The bank declined to detail the number of jobs to be moved or created.
Citi said in July that it will base its main EU-broker dealer - which the group uses for its trading and markets business - in Frankfurt. At that time, Citi’s Europe, Middle East and Africa boss Jim Cowles 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.
On the Luxembourg move, Citi said 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. The centre “will leverage Citi’s existing legal vehicle and presence in Luxembourg”. “