City Of London
US Banks Face Shifting Hundreds of Billions in Assets to EU at ECB Request
- Citigroup is due to get feedback on its EU set-up today
- Latest shifts come after EU ‘desk-mapping’ review last year
Kristine Braden, CEO of Citibank Europe, said the bank continues to relocate staff to Europe.
Photographer: Paulo Nunes dos Santos/BloombergThis article is for subscribers only.
Global investment banks are expected to move hundreds of billions of dollars more in assets and risk transfers to the euro area at the urging of the European Central Bank.
Citigroup Inc. officials are set to receive feedback on their plans from the ECB on Thursday, as other firms also prepare to hear the regulator’s thoughts, said the people, who asked to remain anonymous as the discussions are private. Citigroup and its US rivals are among those getting ready to shift more assets, risk management capabilities, and staff as a consequence of the watchdog’s findings in a “desk mapping” review last year, according to the people.