Citigroup to create London innovation hub

Written by Mark Evans

Citigroup is to set up an innovation centre in London, the FT has reported.

One of the first major investments by the US bank following the Brexit vote, it will have 60 technologists initially. Although some US banks have made noises about moving personnel out of London, investment in the technology side of finance has been undented by the move away from the EU.

Whether this is because of confidence in a deal being done, or the potential, but by no means assured, opportunity to trade with Asia post-Brexit is still unclear. However, Citigroups’s move will be seen as a vote of confidence, and other US companies are likely to follow.