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Citi's broker-dealer unit in Frankfurt now fully operational


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Citi's broker-dealer unit in Frankfurt now fully operational

Citigroup Inc.'s new broker-dealer unit in Frankfurt is now trading on main European exchanges and clearing on the Eurex exchange, the Financial Times reported.

Citi in July 2017 launched plans for the Frankfurt-based EU broker/dealer unit ahead of Brexit by converting a license it has in Germany. The move was expected to create around 150 jobs overall, with most of them in Frankfurt.

The banking giant in recent years has made a number of contingency plans ahead of Brexit. The company's private banking division in October 2017 said it picked Luxembourg as a place to establish a booking center to manage client accounts.

Citi in July 2018 said it was planning to add dozens of staff in Paris, which coincides with French President Emmanuel Macron's plan to slash tax and red tape for financial services companies. In October 2018, City said it would set up a new bank in London to house the consumer accounts of British customers with other investments and services. The move was expected to be completed by March, subject to regulatory approvals.

In November 2018, it was reported Citi would relocate 45 trading unit and 18 private bank employees in London to other EU member states due to a potential hard Brexit.

Citi CEO Mike Corbat told the Financial Times in February the company had only spent "in the low hundreds of millions" on Brexit contingency plans because it was already operating in 20 of 27 EU member states, and 60% percent of its EU staff were outside the U.K.