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JPMorgan Chase & Co. (JPM) - free report >>
Citigroup Inc. (C) - free report >>
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Citigroup (C) May Shift EU Operating Center to Frankfurt
Earlier this week, Citigroup Inc. (C - Free Report) said that it may move to Frankfurt for its sales and trading in the European Union (EU) as a result of Brexit, ending ongoing rumors. The company is expected to finalize its choice by the first half of 2017.
The main reason for the restructuring is the U.K.’s exit from the EU -- which led to the cancellation of “Passporting Rights”. The rights allowed banks to provide services to other member countries of the EU from London.
Currently, the company has its operations in most of the member countries of the EU, which will serve as an advantage. However, it might have to move some jobs from London.
Why Frankfurt?
The company said that the availability of highly qualified staff and professionalism of regulator Bafin are the main reasons for considering Frankfurt as a plausible option.
Other Banks are Also Considering Relocation
HSBC Holdings plc (HSBC - Free Report) was the first company to echo the thoughts of Citigroup. In January, it confirmed moving approximately 1000 jobs from its London office to Paris.
UBS Group AG (UBS - Free Report) also expects moving nearly the same number of employees.
Further, JPMorgan Chase & Co. (JPM - Free Report) seems to have been affected more by Brexit as it is expecting to relocate about 4000 employees currently working in the U.K.
Lately, Citigroup’s involvement in strategic investments and streamlining of its international businesses keeps us encouraged about its growth.
Citigroup’s stock increased 57% over the last one year, outperforming the 52.5% gain for the Zacks categorized Banks - Major Regional Industry.
Citigroup currently holds Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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