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"We
will be making a decision in the first half of this year, it's a
decision that every bank has to make in the first six months of
this year," James Cowles, Citi's Chief Executive Officer for
Europe, the Middle East & Africa (EMEA) told the European
Financial Forum conference in Dublin.
Along with fellow U.S. bank Morgan Stanley, Citi has identified
many of the roles that will need to be moved from Britain
following its exit from the European Union, sources involved in
the processes told Reuters last week.
Cowles said the bank was looking at where to establish a new
broker dealer by either creating a new EU entity or through
building up one of its existing entities.
"Our issue is with our broker dealer which is located in the U.K
and it will lose, presumably, passporting rights," Cowles said.
"We've reached out, we've talked to regulators and people at
government across many countries in Europe, including Ireland,
Italy, Spain, France, Germany and the Netherlands and we're in
the process of evaluating each one of them."
Citi, which has almost 60 percent of its European headcount
based outside Britain, will need to shift 100 positions in its
sales and trading business, sources with knowledge of the matter
said last week.
It already has a large banking unit in Dublin, which is
regulated by the European Central Bank and employs around 2,500
people in Dublin. Cowles said Citi would continue to have good,
steady employment growth in Ireland.
(Reporting By Padraic Halpin, editing by Anjuli Davies)
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