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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP (C)
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Delayed Quote. Delayed  - 08/13 10:02:18 pm
69.16 USD   -1.57%
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Wall Street moves to Frankfurt as Brexit doubts grow

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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.
CITIGROUP -1.57% 69.16 Delayed Quote.-5.58%
GOLDMAN SACHS GROUP -1.20% 226.86 Delayed Quote.-9.87%
JP MORGAN CHASE & COMPANY -1.59% 113.89 Delayed Quote.8.22%
MORGAN STANLEY -2.15% 47.35 Delayed Quote.-7.78%
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Financials ($)
Sales 2018 74 026 M
EBIT 2018 30 720 M
Net income 2018 16 615 M
Debt 2018 -
Yield 2018 2,17%
P/E ratio 2018 10,49
P/E ratio 2019 9,26
Capi. / Sales 2018 2,39x
Capi. / Sales 2019 2,30x
Capitalization 177 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 82,4 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
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
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