We're still 612 hours away from Brexit, but there are distinct signs that U.S. investment banks are getting itchy feet. J.P. Morgan is lining up temporary office space and hotel rooms in Paris. Bank of America is moving senior bankers to Paris. And now Citi has begun hiring front office salespeople in Germany.
Citi is advertising two reasonably senior roles in Frankfurt. The U.S. bank is looking for a 'multi-channel equity salestrader' with five years' experience, and for an equity derivatives salesperson for institutional clients in Germany and Austria.
Two new roles are not a lot, but the vacancies are significant a) because Citi has hitherto been advertising mostly back and middle office roles in Frankfurt as it assembles the infrastructure for its EU office post-Brexit, and b) because sales and sales trading roles involving EU clients are on the frontline of jobs that will need to move out of London after Brexit.
Citi is also advertising around a dozen middle office job vacancies at its office in Frankfurt. The bank, which employs 262 people at its main German subsidiary last year changed its name from, 'Citigroup Global Markets Deutschland AG,' to, 'Citigroup Global Markets Europe AG.'
In theory Citi's current office in Frankfurt should be large enough to capacitate its new staff. One insider said the bank also plans to move people from London and has already bought airline tickets for this purpose. Last week, Financial News reported that banks like UBS, Nomura, BNP Paribas, Morgan Stanley, Bank of America Merrill Lynch and Standard Chartered are offering to compensate London staff for the costs of commuting to and from the European Union.
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