Citigroup, the US’s third largest bank by capitalisation, could be one of the winners following the UK's vote to leave the EU. With its extensive international network, operating in 54 countries in Europe, the Middle East and Africa (EMEA) alone, Citi is well placed to take advantage of the situation.
“Our assumption is that there will be a hard Brexit with no transition period. We have to plan for the worst case from a business point of view,” says Jim Cowles, Citi’s chief executive for EMEA. He adds that the bank is confident it can “continue to offer all the same products, services and solutions that we currently have and to the client base that we currently serve”.
