Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Wall Street moves to Frankfurt as Brexit doubts grow

share with twitter share with LinkedIn share with facebook
share via e-mail
10/06/2017 | 01:46am CEST
A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia

LONDON/FRANKFURT (Reuters) - Some of the globe's biggest banks have decided to rent more office space in Frankfurt, bolstering Germany's financial hub after months of divorce talks between Britain and the EU have left London's future more uncertain than ever.

Goldman Sachs (>> Goldman Sachs Group) has agreed to lease 10,000 square metres of office space at the new Marienturm building in Frankfurt, making it one of the city's biggest wins since Brexit.

It will take the eight top floors of a new 37-storey tower now being built, giving it space for up to 1,000 staff, according to a person familiar with the matter.

That would be five times the current staff of 200 and see the Wall Street giant bolstering activities including trading, investment banking and asset management. A spokesman said it gave "space to execute on our Brexit contingency plan".

Morgan Stanley (>> Morgan Stanley) has also signed a lease for offices in a tower, the Omniturm, that is also now being built. It has 200 staff in Frankfurt and expects to double that number, said one person familiar with the plans. The bank declined to comment.

JP Morgan (>> JP Morgan Chase & Company) is also considering renting two additional floors on top of the five it now occupies at a high-rise tower in the centre of town, said a person familiar with the plans.

The bank, which currently has 450 staff in Frankfurt, declined to comment.

Citi (>> Citigroup) has said it will build its Frankfurt operations by adding 150 staff. It plans to expand inside its current building dubbed Welle, near Frankfurt's opera house.

The expansion is the result of growing nervousness about the future of London's financial centre amid slow and acrimonious negotiations between Britain's Brexit minister David Davis and his opposite number at the European Commission, Michel Barnier.

Underscoring the confusion, British Prime Minister Theresa May made a calamitous keynote speech on Wednesday, interrupted by coughing fits, a prankster and letters of a slogan falling off her stage backdrop.

Although some politicians in Britain are sceptical banks will follow through by moving large numbers of jobs, bankers in the City of London financial hub see an urgent need to act.

The stakes are high. Financial services are Britain's biggest tax and export generator.

Once Britain leaves the EU - planned for March 2019 - banks in London could find it harder to do business within the bloc, prompting many to seek a foothold such as Frankfurt.

The British government has said it would like a transition deal to smooth the way for business, but a top Bank of England official said on Wednesday that would probably need to be agreed by Christmas to prevent jobs from seeping abroad.

Top German politicians have courted banks ever since the Brexit vote, persuading many to move there because Europe's biggest economy proved unshakeable during the financial crash.

A recent study commissioned by Frankfurt's chief promoter predicted there would be 10,000 new bankers in the city within four years and that their arrival could create tens of thousands of additional jobs, from estate agents to building workers.

The migration is already buoying interest in a city, known for 'Frankfurter' sausages and cider. The prices of new luxury flats in the city jumped by 25 percent within a year, according to data released in August.

(Writing by John O'Donnell; Editing by Mark Potter)

By Anjuli Davies, Arno Schuetze and John O'Donnell

Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP 0.30% 237.7 Delayed Quote.-6.70%
JP MORGAN CHASE & COMPANY 0.92% 112.15 Delayed Quote.4.87%
MORGAN STANLEY 0.82% 54.36 Delayed Quote.3.60%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CITIGROUP
05/21Data firm IHS Markit to buy Ipreo in $1.86 billion deal
05/21CITI : Appointed Successor Depositary Bank for YY Inc.’s Sponsored ADR Pro..
05/21CITIGROUP : Banque Misr appoints Citigroup to arrange $500m loan
05/21CITIGROUP : Citi Retail Services and Sears Holdings Announce Extended Relationsh..
05/21CITIGROUP : Don’t punish companies for turning against guns
05/18BANK OF AMERICA : U.S. gun lobby takes aim at 'gun-hating' banks Citi, BofA
05/18CITIGROUP : Is Fined for IPO Lapses -- WSJ
05/18U.S. bank stock gains may stall after two-year rally
05/17CITIGROUP INC : Financial Statements and Exhibits (form 8-K)
05/17WPX ENERGY : Announces Upsize and Pricing of Senior Notes
More news
News from SeekingAlpha
05/18Supreme Court okays sports gambling, but will credit cards allow it? 
05/18U.S. SUPREME COURT ALLOWS SPORTS BET : Now What For Investors? 
05/17Successful Trade Negotiations With China Could Be Quite Rewarding 
05/16Card lenders feel squeeze between increased loan losses, reward expenses 
05/15BLOOMBERG : Volcker rule rewrite is said to drop key trading burden for banks 
Financials ($)
Sales 2018 74 301 M
EBIT 2018 31 746 M
Net income 2018 16 381 M
Debt 2018 -
Yield 2018 2,08%
P/E ratio 2018 10,86
P/E ratio 2019 9,51
Capi. / Sales 2018 2,40x
Capi. / Sales 2019 2,32x
Capitalization 178 B
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 82,9 $
Spread / Average Target 18%
EPS Revisions
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Head-Operations & Technology
John C. Gerspach Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP-5.35%178 393
BANK OF AMERICA3.49%306 817
WELLS FARGO-10.10%261 673