Citigroup to set up innovation centre in London

Feb 13, 2018 · ft.com

417e4844 0f42 11e8 a765 993b2440bd73

US banking giant Citigroup is setting up an innovation centre in London in one of the first strategic investments by a big US bank in the British capital since the Brexit vote.

Citi is initially hiring 60 technologists for the centre, the bank’s Europe, Middle East and Africa (Emea) chief executive Jim Cowles told the Financial Times.

It will also house the Emea arm of Citi Ventures — which handles the bank’s venture capital investments and innovation partnerships with external companies — and employees from across Citi’s businesses.

 

The decision to base the centre in London is a boost for the City’s financial technology sector, which experts had warned would be badly affected by the UK’s decision to quit the EU.

US banks have been some of the most outspoken on the potential for thousands of jobs to leave the City as a consequence of Brexit. Jamie Dimon, chief executive of JPMorgan Chase, warned last month that more than 4,000 jobs could move if the UK did not strike a good deal.

Citi has picked Frankfurt for its new post-Brexit EU headquarters and is expected to move about 250 of its 6,000 London staff in the immediate aftermath of the UK’s exit.

"Citi continues to invest in London, a key hub for both cutting-edge technological talent and some of our largest investor clients," said Mr Cowles.

Read Complete Article

RT @techspace: A new episode of #RVoSu is up! We sit down w/ @Seedrs Co-Founder Jeff Lynn (@JeffSeedrs) to hear about the early days, Europ…

Sad to hear the news of the death of Kofi Annan. As a former UN secretary-general and Nobel Peace Laureate, he dedi… https://t.co/9xrQk9aC9v

#TechX365: only 4% of the UK has access to full-fibre broadband, compared to South Korea's 93% https://t.co/SviTadr2Fj

The artist and author on education, his love of Italy and his most extravagant dish — pheasant and crisps https://t.co/LINaJIhOj9

Apple to add Apple Pencil support to next iPhones, threatens Samsung Note 9 with pricing https://t.co/xr3DTHYrYV