Citigroup is establishing a Luxembourg hub for its wealthy European clients in preparation for Brexit.
The group’s private bank will use the new booking centre to administer the accounts of its ultra-high net worth clients, the Financial Times reports.
Currently many European clients are handled by staff in the UK, but the company says it is planning the move to avoid disruption.
“Luxembourg is a known international wealth centre with an established culture of international family offices,” the bank said.
Citi classifies UHNW clients as those with at least $25m with $10m held through the bank.
It would not confirm the number of jobs that would be impacted.