Citi Says Brexit to Have No Immediate Impact on Employment Terms

Citigroup Inc. Chief Executive Officer Mike Corbat said the U.K.’s decision to leave the European Union will have no immediate impact on the job status of the bank’s employees.

“The U.K. is unlikely to formally exit the EU for at least two years, and during this period there will be no change in the way Citi is able to conduct its business,” Corbat said Friday in a memo to staff. “For those EU nationals currently working in the U.K. and U.K. nationals in the EU, the outcome of the vote has no immediate effect on the terms of your employment.”