Citigroup Inc (NYSE:C.) will set up an innovation center in London in one of the first investments by a big US bank since Brexit, according to a report by the Financial Times reported at the weekend.
James Cowles, Citi’s chief executive Officer for Europe, the Middle East and Africa (EMEA) told the FT that the Wall Street bank will initially hire 60 technologists for the center.
The newspaper said the center in London will also house the EMEA unit of Citi ventures and employees from across the company's businesses, in a boost for UK's financial services sector ahead of Brexit.
The UK is currently home to the world’s largest number of banks and hosts the largest commercial insurance market.
Citi’s Wall Street rival JPMorgan Chase & Co (NYSE:JPM) said earlier this month that it could move more than 4,000 jobs out of Britain if Brexit talks result in a divergence of regulations and trade agreements between Britain and the European Union.