Citigroup (NYSE: C) is currently applying for a French license to be able to conduct sales and trading activities in that country. The company announced in July that they would headquarter their EU trading operations in Frankfurt and would also need to create 150 new jobs in order to continue doing business once Britain leaves in two years. Citigroup also expects to build up their private banking, trade, treasury, and investment banking businesses across the EU while London would remain its EMEA headquarters.
International banks have been planning to build up outposts in the EU to make sure that they would be able to serve clients if their London operations lose the ability to operate. Paris, Frankfurt, as well as other European cities have been competing to grab the attention of international banks in the City of London operations as they consider where to move EU related businesses. Frankfurt and Dublin are the top two locations that draw in highly paid banking jobs with many other large lenders.
Other firms such as Bank of America, HSBC, Societe Generale, and Credit Agricole has been looking to lease more office space in Paris as they prepare to expand their operations in the French capital. Citigroup now has around 160 people based in Paris.