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Citigroup Said to Open Frankfurt Hub as Banks Consider Post-'Brexit' Moves

From cnbc.com

The development is largely symbolic, with a relatively small number of staff members in London expected to move to Germany. But it is another trickle of job losses that some British business and political leaders fear could turn into a flood in the coming months and years, as the full picture of the nation's future trading relationship with the European Union becomes clear. Britain's membership in the 28-nation bloc has bolstered London's position as a global financial hub in part because European rules allow "passporting," under which a banking license in a single member-state allows a lender to work throughout ... (full story)

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