In a memo to staff Cowles said, 'We plan to convert an existing German subsidiary into an investment firm (broker-dealer). Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground. It is not yet possible to assess the outcome or timing of the Brexit negotiations, but in certain circumstances we may need to create approximately 150 new roles located in the EU. In all cases, London will remain both our EMEA headquarters and an important global hub for Citi,' reported Reuters.
IDA Ireland welcomed the decision by Citi with CEO Martin Shanahan saying, 'This announcement is very positive for Dublin and 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.'