<p>According
to the Bloomberg report, Citigroup, one of the largest global financial
services providers, wants to increase its presence in France by building a new
trading floor. That marks Wall Street’s giant step to adapt to European market
changes after <a href=”https://www.financemagnates.com/terms/b/brexit/” class=”terms__main-term” id=”0d53a9a8-2500-4d0e-a2bd-41c7ceaf31d1″ target=”_blank”>Brexit</a>, which remodeled the local financial markets’ conduct
rules.</p><p>Citigroup Grows Its Paris
Presence</p><p>Citigroup
is set to double its staff in Paris as it plans to create a new trading floor
in its current building. The trading division will increase its workforce to
250 from the current 130, as the new floor is expected to include at least 85
desks. Fabio Lisanti, who oversees the bank’s trading business across Europe,
excluding the UK, revealed that the building is conveniently located steps away
from the Champs-Élysées and the Arc de Triomphe.</p><p>Losanti
moved to Paris in March and will be responsible for transferring more employees
to the new European trading floor. However, Citigroup plans to sustain its central
trading hub in London City, moving just some of the risk books and risk
management operations to the Old Continent.</p><p>Citigroup’s
recent office upgrade in Paris is not just limited to trading, as the firm has
also expanded its team by hiring private and commercial bankers. The total
number of Citigroup employees in Paris increased to 400 at the end of last year
from 170 right after Brexit.</p><p>Big Banks Moving to Paris</p><p>Following
decades of using London as a gateway to Europe’s market, Citigroup is among
many US financial firms now expanding their operations on the continent or
opening offices to retain access to the local clientele.</p><p>With its
pool of local traders, many of whom were trained at top universities in France,
Paris has become a crucial hub for banks and their trading desks. These traders
have often been involved in designing and structuring some of the most
intricate derivative products at companies like Societe Generale SA and BNP
Paribas SA.</p><p>The debate regarding
which city in Europe can become a continental competitor to London after Brexit <a href=”https://www.financemagnates.com/institutional-forex/brokerage/can-paris-overtake-frankfurt-bid-secure-brexit-banking-jobs/” target=”_blank” rel=”follow”>has been going on for more than five years</a>. Alongside Paris, Germany’s
Frankfurt appears to be the second place that could attract the most companies
from the banking and trading sectors.</p><p><a href=”https://www.financemagnates.com/institutional-forex/brokerage/jpmorgan-looks-paris-select-personnel-moves-post-brexit/” target=”_blank” rel=”follow”>JPMorgan
was already looking at Paris in 2017</a> as a potential location to relocate some
of its staff after Brexit. Goldman Sachs put its bet on France <a href=”https://www.financemagnates.com/institutional-forex/regulation/goldman-sachs-picks-france-for-post-brexit-eu-stock-trading/” target=”_blank” rel=”follow”>in 2022</a> as a
stock trading hub to host its operations regulated under the <a href=”https://www.financemagnates.com/terms/m/mifid-ii/” class=”terms__secondary-term” id=”ef5f8b31-322d-480c-a678-827df6bdddd4″ target=”_blank”>MiFID II</a>.</p><p>According
to The Guadian, more than 7,000 jobs in the financial sector were
relocated from London to Europe as a result of Brexit. Paris attracted the most
posts (2,800), followed by Frankfurt with 1,800 and Dublin in third place with
1,200.</p><p>In one of
its most recent announcements, Citigroup revealed that Itay Tuchman, the Global
Head of Foreign Exchange at Citigroup Inc., <a href=”https://www.financemagnates.com/executives/stuart-staley-to-replace-itay-tuchman-as-citis-global-head-of-forex/” target=”_blank” rel=”follow”>plans to leave</a> the New York-headquartered
multinational investment bank and financial services corporation. The
information obtained from a memo by Reuters suggests that Stuart Staley,
who currently serves as the Head of Markets & Securities Services for the
Asia Pacific (APAC) region, will take over the role previously held by Tuchman.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
