CITI’S BREXIT PLAN – Citi are the latest bank to release their plans for post Brexit, having named Frankfurt as their new home. The decision to find a new EU base is one that all financial institutions are being forced to consider due to passporting issues that will arise as a byproduct of Brexit. Jim Cowles, Citi’s Chief Executive of operations in EMEA, has said  “Our issue is with our broker dealer, which is located in the UK and will lose, presumably, passporting rights”. With James Bardrick, UK Chief Country Officer at Citi saying, “to continue to serve our clients and maintain efficient access to those markets currently enabled through the EU passporting regime, we would likely need to rebalance our operations across the EU”. Citi has said a few hundred out of their 9000 UK employees will be affected. There are differing views relating to the number of financial service employees that will be effected due to Brexit, with some estimates stating numbers could be in the tens of thousands. #SpartanInternational