Wall Street bank Citigroup is to set up an innovation centre in London in one of the first investments by a major US bank in the capital since the June 2016 referendum in favour of Brexit, according to a report in the Financial Times.
James Cowles, chief executive officer for Europe, the Middle East and Africa (EMEA), told the FT that Citi will initially hire 60 technologists for the centre, which will also house the EMEA unit of Citi Ventures and employees from across the company’s businesses.
Stuart Riley, Citi’s global head of operations and technology for markets and securities services said: “As we look to further increase our investment and develop more cutting-edge technologies for our clients, we are thrilled to launch a new Lab in London and tap the UK’s deep pool of diverse talent to hire advanced technologists with a strong business background.”
The planned London centre is the latest in a series of technology hubs set up by Citi since it launched the first one in Dublin in 2009. Focusing on developing advanced technologies including data visualisation and high-tech computing, other lab locations include Israel, Singapore and Mexico.
Boost for the City
Citi’s announcement is a boost for London’s financial district, which has suffered from the uncertainty created by the UK’s decision to exit the European Union (EU). A Reuters survey last September found that an estimated 10,000 finance jobs will be transferred to or created on mainland Europe over the next few years if the UK is denied access to Europe’s single market.
JPMorgan Chase & Co warned earlier this month that it could transfer more than 4,000 jobs from the UK if Brexit talks result in a divergence of regulations and trade agreements between Britain and the EU.