Frankfurt chosen as new Citigroup EU trading hub - report

US banking giant Citigroup is reportedly set to announce Frankfurt as its choice for its new European trading hub.

Citi had been weighing options as to where to base its expanding broker-dealer operations, but said that London will remain the bank’s European centre, according to Bloomberg.

Between 150 and 250 new jobs will be set up in the German city as a result of the move, a source for the bank told the publication.

Major financial institutions have been weighing up their options of where to base their European operations in the wake of last year’s Brexit referendum, with some already indicating moves away from the UK.

Citi currently employs around 350 people in Frankfurt, and the city where the European Central Bank is located has been one of the beneficiaries of moves away from the City.