Citigroup’s choice of post-Brexit EU hub comes as a blow to Paris, as company picks Frankfurt

LONDON, U.K. - As London banks and financial giants decide on their post-Brexit EU hubs, fearing the loss of their right to operate across EU, when based in Britain - now Citigroup is reportedly poised to name Frankfurt as the hub.

According to reports, the Wall Street giant will pick Frankfurt over Paris, as the hub of a new trading operation as it grapples with Brexit.

Citi, which has a large banking presence in Canary Wharf is reportedly aiming to establish a trading arm in Europe as it worries about “passporting.”

Previously, other top banks and financial service companies, including HSBC and JPMorgan have said they will move jobs away from London to deal with the issue.

Citigroup has so far made no official comments on the report that first appeared in Sky News.

Meanwhile, Chancellor Philip Hammond has said he is determined to secure a transitional period.

Reports also stated that when it formally unveils plans, Citigroup would see up to 200 jobs leave the U.K. due to Brexit.

Further, between 150 and 200 client-facing roles in sales and trading could be relocated from the U.K. to its Frankfurt office.

Currently, the Frankfurt office houses around 350 staff.

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

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

The announcement is expected later this week.