US bank Citigroup has said it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt.
In a memo to staff Jim Cowles, the bank's head of Europe, Middle East and Africa (EMEA), said the bank also planned to build up its private banking, treasury & trade, capital markets and investment banking businesses in the EU.
This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris," his memo said.
He added that the bank's London office would remain its EMEA headquarters.
Citigroup currently has around 2,500 employees in Dublin.
IDA CEO Martin Shanahan described the announcement as "very positive for Dublin".
He added that it "follows a number of recent investment decisions made by some of the world’s leading global financial institutions.
"It is another welcome endorsement of Ireland as an international financial services centre.
"I am confident that we will see Ireland selected for more Brexit related investments over the coming months, but we cannot be complacent, these investments will not fall into our laps, they will have to be won."
