09 June 2016

The Guardian: Citigroup warns staff of Brexit jobs risk

Citi’s UK boss, James Bardrick, told staff in an email that a vote to sever links with Brussels would have implications for the business.

“Ahead of the referendum, we have been carefully reviewing the situation and contingency planning around a number of areas, including our organisational footprint and where we book business,” he said.

“A vote to leave the EU is likely to have implications for our UK operations. To continue to serve our clients and maintain efficient access to those markets currently enabled through the EU passporting regime, we would likely need to rebalance our operations across the EU,” he added, without being specific about jobs.

He highlighted the UK’s position as a global financial centre and cited its links to the EU single market as a reason for having operations in London.

“The efficient movement of talent between EU member states is also important to Citi, and many of our clients, whether it be EU nationals from other countries working in the UK or UK citizens working for Citi in one of the other 20 EU countries where we operate,” he said.

Full article on The Guardian

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