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7/17, 8:47 PM (Source: TeleTrader.com)
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Citi preparing for Brexit, opens new German center

Citi bank, the Wall Street powerhouse which employs around 9,000 people in the United Kingdom, will prepare for Britain leaving the European Union by naming Frankfurt, Germany as the center of major new trading operations, according to a Sky News report on Monday. The decision comes as other major international banks doing business in the European Union, such as Barclays and JPMorgan, brace for Britain's departure from the bloc and plan to relocate their EU headquarters from the island to Europe's mainland.

The US banks are relying on the EU's passporting regime in trading frictionlessly across national borders, a system which will be under question once the UK officially leaves the Union. However, Philip Hammond, the Chancellor of the Exchequer, stated earlier that he is determined to secure a transitional period that will enable international companies to cope with Brexit.

TeleTrader Newsroom / FH