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Citigroup wantswishes invest in London, 11116
City Bank is hiring people despite Brexit:
Wall Street bank Citigroup Inc will set up an innovation facility in London in one of the primary investments by a serious U.S. bank since Brexit, the Financial Times publicised on Sunday.
The bank will initially hire 60 technologists for the center, James Cowles, chief executive Officer for Europe, the Middle East and Africa.
The center in London will also house the EMEA devision of Citi ventures and employees from across the company's businesses, in a boost for UK's financial services marketplace in advance of Brexit.
European Commission administrators declined the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a significant strike to Britain’s desires of sustaining extensive access to EU markets for one of the world’s major two financial centers.
Britain is currently hub to the world’s greatest number of banks commercial insurance firms. Approximately 6 trillion euros ($7.35 trillion), or 37 percent, of Europe’s financial assets are managed in (London|the UK capital}, almost twofold the amount of its nearest equivalent, Paris.
About 10,000 finance jobs will be moved out of Britain or created overseas in the following few years if it is denied access to Europe’s single market.
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