Citi Sets to Open New Trading Floor in Paris and Double Staff

Reportedly, Citigroup Inc is focused on expanding its operations in Paris, with a new trading floor in the city. In addition, the Wall Street banking giant plans to nearly double headcount for its trading department from 130 to 250.

Fabio Lisanti, head of the bank’s trading business across Europe, excluding the UK, stated, "It's going to be a mixture of hiring and moves. We will be bringing more traders here. The growth will come from trading and all the support functions around those — operations, legal, compliance — all the things that a trading floor needs."

The expansion in Paris comes as Citigroup and rivals continue to grapple with challenges after Brexit.

"London remains the main trading hub for us," said Lisanti. "But we have and will move certain risk management and risk books in Europe. We’ve already moved quite a few and there's more to go."

At the beginning of the month, private sector lender Axis Bank announced the completion of the acquisition of Citigroup's India consumer business​ from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns.

The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, AUMs and liabilities as of January 31, 2023.