US bank will cut operations in London due to Brexit – Prensa Latina

January 25, 2017, 13:51Dublin, 25 jan (PL) The u.s. bank Citibank confirmed today that it will cut its operations in Uk by the decision uk leaving the Eu (Brexit), which evaluates five possible destinations within the regional bloc.

a conference In Dublin, the director of Operations of Citigroup for Europe, Middle East and Africa, James Cowles, confirmed that the institution analyzes the feasibility of moving part of their business to Ireland, Germany, France, Holland or Spain.

According to reported, the topic was already subject of discussion with the regulatory authorities and the governments of the five countries.

‘we Will make a decision during the first half of the year, it is a decision which all the banks have to take during the first half of the year,” stressed the executive.

like other financial institutions based in

the United Kingdom, Citibank considers possible setbacks for the british withdrawal from the european single market, hence the interest in consolidating its presence in territories that will continue within the community group.

according To media irish, the u.s. entity currently has some two thousand 500 employees in its facilities in Dublin and said Cowles, the bank will continue to create jobs in the irish capital.

Currently, about 60 per cent of the employees of the Citibank in Europe are outside of the Uk.

ode/mjm