In preparation for Britain’s exit from the European Union (EU), many banks are assessing their operations and scouting out new spots.
One of the latest U.S. banks to move into the Frankfurt, Germany, territory as its EU base of operations is Wall Street bank Citigroup.
Sources have told Reuters there are rumors of Citigroup possibly making the move into Frankfurt as its hub for sales and trading post-Brexit. In addition to Citi, global banks are potentially planning to move thousands of jobs out of Britain due to the EU exit.
Over the next few years, the Association of Foreign Banks in Germany is looking at welcoming 3,000 to 5,000 new jobs stemming from this bank movement.
While there have been no public comments from Citi at this time, industry experts are expecting the announcement to be made some time this year.
With the amount of jobs leaving Britain in the banking industry alone, this opens up the issue of how many positions will leave and how badly Brexit will impact the country’s overall economy.
More news like this could lead to a case of voter’s remorse.