Citi eyes Paris hiring spree as business roles shift post-Brexit

Citi is set to hire 60 juniors for its business unit in Europe, part of a broader push on the continent that will see 250 employees added in Paris.

Fabio Lisanti, who was promoted to head of markets for Europe (ex-UK) at Citigroup earlier in November, will move from London to Paris, and said Financial news that the bank is focusing on developing trading functions in the French capital.

“In the past, we only had a commercial presence in Paris, but we are now developing it to become a hub for trading euro-denominated products,” he said.

Citi has launched a new graduate program and will welcome around 45 interns and 15 other analysts across Western Europe, but mainly in Paris.

Lisanti said the new internship scheme on the continent will be “roughly in line with our numbers in London, whereas historically London would have had a much larger proportion of recruits”.

The American bank has increased its workforce in the French capital from 170 the day after the Brexit referendum to 350 currently. He plans to increase the number of employees to up to 600 in the next two to three years, after moving to a new office near the Champs-Élysées, which houses a trading room that can accommodate up to 200 employees.

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“Part of this is due to Brexit, but my move to Paris is also aimed at developing and facilitating our business in the markets in continental Europe,” Lisanti said. “A lot of banks are creating trading hubs there, but we are centralizing trading in Paris and maintaining sales in their home markets.”

Paris has become the main commercial center for investment banks in Europe after Brexit.

Banks such as Goldman Sachs, JPMorgan and Morgan Stanley have all added traders to Paris in recent months, while even Germany-headquartered Deutsche Bank has started hiring in the French capital for its credit trading division. .

NatWest, which chose Amsterdam as its post-Brexit hub, also has 50 staff in Paris, including sales and trading functions.

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“An important thing about Paris is the availability of junior talent, and that’s something we really focus on,” Lisanti said. “We used to look to identify the best juniors in London, but now we need to hire increasingly diverse talent locally in Europe, and Paris is a good place to attract international talent.”

Banks have also chosen to base trading hubs in Paris due to the availability of talent in the local market already. It is also easier to move London-based staff to the French capital than to Frankfurt, senior bankers have said. FN.

“The number of banks in Paris makes recruiting more difficult because a lot of the talent you need to attract already lives in the city,” Lisanti said. “But a proportion don’t, so we’re going to hire on the ground, but also ask people to move. Paris is an attractive destination for many.

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To contact the author of this story with comments or news, email Paul Clarke

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