Many more global banking groups including Citigroup and Deutsche Bank have now decided to beef up their presence in Frankfurt to brace up for challenges posed by Brexit.

US banking giant Citigroup said that it would now base its EU trading operations in the German city, and create around 150 new jobs across the EU.
The new jobs would be spread out across Frankfurt, Amsterdam, Dublin, Luxembourg, Madrid and Paris.

Citi CEO for EMEA Jim Cowles said: “In all cases, London will remain both our EMEA headquarters and an important global hub for Citi.”

Another American banking giant Morgan Stanley has also picked Frankfurt as their EU base in response to Brexit, a move that could lead of relocation of 200 jobs to the city from the UK. The bank also plans to spread some of its activities across the EU.

Meanwhile, Deutsche Bank has also signalled relocation of jobs from the UK to Frankfurt in preparation for Brexit.

Frankfurt has already been selected as the EU base by Standard Chartered, Nomura, and Daiwa Securities.

Earlier this month, Sumitomo Mitsui Financial Group announced plans to establish a subsidiary in Frankfurt, while JPMorgan CEO Jamie Dimon revealed the bank’s intention to use Frankfurt as the legal domicile of its European operations.