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Citigroup envisions to make investments in London,
City Bank is hiring people in spite of Brexit:
Wall Street bank Citigroup Inc will deploy an innovation center in London in one of the primary investments by a big U.S. bank since Brexit, the Financial Times said 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 sphere in advance of Brexit.
European Commission officials rejected the City of London’s proposal to strike a post-Brexit free-trade deal on financial services, a major blow to Britain’s desires of sustaining complete access to EU markets for one of the world’s top two financial centers.
Britain is presently host to the world’s largest number of banks commercial insurance firms. About 6 trillion euros ($7.35 trillion), or 37 percent, of Europe’s financial assets are managed in (London|the UK capital}, virtually twofold the amount of its nearest rival, Paris.
About 10,000 finance jobs will be moved out of Britain or created overseas in the next few years if it is denied access to Europe’s single market.
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