Citi is to hive off a chunk of its
London legal function to
Belfast as the banking giant moves to implement its sweeping restructuring programme.
The bank confirmed last week that it will relocate part of its markets and banking division, which handles investment banking work, to Northern Ireland as part of a wholesale review of Citi’s business that was unveiled last month.
Up to 39 jobs will be created in the new-look legal and compliance division at the bank’s Belfast arm, which was established in 2004 as part of an earlier drive to cut costs by moving support functions from major financial centres to less costly regional outposts.
The restructuring follows the announcement in April that the group’s 1,000-strong global legal function would be affected by a wider $4.6bn (£2.3bn) restructuring programme that is expected to cut 9,000 jobs in total.
A spokesperson said: “Those potentially affected by the relocation are being consulted and are being given the opportunity to relocate to Belfast. There may be redundancies as a result of this restructuring.”
Citi European legal head Brad Gans said the new legal and compliance teams would “continue to grow in scope and complexity” following the move to Belfast.
The news comes after Citi’s Wall Street rival Morgan Stanley restructured its wider equity and fixed income teams in London earlier this year — a move that has sparked fears that legal jobs at the bulge-bracket bank could be at risk.
However, Morgan Stanley this week pledged that no legal jobs would be affected and stressed that the bank was looking to recruit lawyers.
Additional reporting by Caroline Grimshaw.
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This doesn't make any sense. Where will they find UK qualified lawyers able to do complex financial work in Belfast?!
I disagree. It makes perfect sense. There are countless top-class lawyers seeking to move out of London. I don't think the actual location in investment banking transactions is that critical.
(a) Belfast is in a different legal jurisdiction from London, (b) no disrespect to Belfast but I don't see ex-City lawyers moving there in huge numbers, whatever the attractions.
Firstly, Belfast is part of the United Kingdom and due to many years of direct rule the law in NI is very similar to that in England. I think is it very refreshing that Citi has taken this step to tap into the wealth of talented legal minds in Northern Ireland, that until now have had no option but to contribute to the brain drain from Belfast to London. Citi have not made a mistake! As for City lawyers, who wouldn't want to live in the Emerald Isle?
Citi legal eagles thrive in the Emerald Isle.
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