[ad_1]
They are the twin questions with which City executives have been grappling for some time.
The first concerns the extent to which Brexit might reduce London’s influence and status as a global financial services centre.
The second, raised during the pandemic, concerns the extent to which employees in the financial services sector will want to return to the office once life returns to normal.
Wednesday morning saw Citi, one of the world’s biggest banks, give its answers to those questions.
In an emphatic vote of confidence in both London as a financial centre and in the future of office working, the Wall Street giant – which employs 9,000 people in the capital and a further 3,200 in Belfast – announced a major refurbishment of its headquarters in Canary Wharf.
The amount it is spending has not been disclosed but is expected to run into nine figures.
The lender bought the 200-metre high, 42-storey tower at 25 Canada Square in Canary Wharf for £1.2bn in 2019 which, at the time, it said was a demonstration of its commitment to London as its headquarters for Europe, the Middle East and Africa (EMEA).
David Livingstone, Citi’s EMEA chief executive, told Sky News the latest investment underlined the bank’s confidence that London would remain one of the world’s preeminent international financial centres.
He said: “There are some background elements which never go away. London’s time zone position between Asia and the Americas.
“The rule of law, as well as English law, which is a very important component to international commerce.
“But there’s also the regulatory environment which is remains a strong principles-based environment which we think, post-Brexit, will forge its own particular way which will be positive for the…
[ad_2]
Source : skynews
