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Citi preparing for a ‘Hard Brexit’

US investment bank Citi is preparing for a “hard Brexit” and is in the final stages of deciding where to move operations to maintain links to clients, EMEA corporate and investment banking chief, Manolo Falco, said.

“We’re preparing for a hard Brexit, which means we will set up a second broker dealer in the EU,” Falco said in an interview before the June 8 general election.

“The major cities in Europe have a lot to offer,” he said. “We’re doing our homework, like everyone else. We’re looking at the regulatory side, the size of the country, political risk, we’re looking at real estate, infrastructure, education system and so on.”

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