Score one for Frankfurt.
With Britain locked in negotiations with the European Union over their post-“Brexit” relationship, the financial companies that dominate London’s economy have forged ahead, eager to ensure they can continue to serve clients across the Continent. That has set other European cities scrambling to win a slice of the business that the British capital has long kept for itself.
The American banking giant Citigroup is taking a step toward reducing its dependence on London and will open a second trading hub in Frankfurt, said a person familiar with the bank’s plans, who was not authorized to speak publicly about them and so spoke anonymously.