Citi warns 9000 UK staff on Brexit jobs risk

Brexit, UK, European Union, EUCiti has warned its employees that Brexit would lead to a “rebalancing” of its operations away from the UK towards the European Union.

The giant bank’s chief country officer for the UK James Bardrick said in a memo to Citi’s 9000 UK-based staff an ongoing review is likely to happen in the event of Brexit, Sky news reports.

The memo says a vote to leave the EU “is likely to have implications for our UK operations” and that the bank is undergoing a review of its “organisational footprint and where we book business”.

However, Bardrick didn’t specify the number of jobs at risk.

Citi has been campaigning to keep the UK within the EU donating £250,000 to Britain Stronger in Europe, alongside rivals such as Goldman Sachs, JP Morgan and Morgan Stanley.

Bardrick says: “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 says the bank chose the UK as its regional headquarters and operating hub “for two principal and interrelated reasons: the UK’s position as a successful and powerful global financial centre; [and] the UK’s valuable access to the EU’s single market as a member state”.

“We believe the UK’s position as a global leader in many areas of financial services is in no small part aided by efficient and effective access to the EU’s single market, the largest single market in the world, with 500 million citizens as potential customers and employees,” he says.

Citi’s warning comes as last week, JP Morgan’s chairman and chief executive Jamie Dimon said that as many as 4000 of its UK-based staff could lose their jobs in the event of Brexit.

Citi employs more than 9,000 people in the UK, and around 13,000 in Europe.