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Citigroup launches its latest innovation lab in London
Citigroup is launching an innovation centre in London in one of the first strategic investments by a big US bank in the British capital since the Brexit vote.
The London lab will initially hire 60 technologists who will add to a network of 250 people working in Ireland, Singapore, Mexico and Israel in similar innovation labs. In addition, the EMEA arm of Citi Venture — which handles the bank’s venture capital investments and innovation partnerships with external companies — will find a new home in the innovation centre.
Stuart Riley, Citi’s Global Head of Operations and Technology for Markets and Securities services said: “As we look to further increase our investment and develop more cutting-edge technologies for our clients, we are thrilled to launch a new Lab in London and tap the UK’s deep pool of diverse talent to hire advanced technologists with a strong business background.” This is the first time a major US bank has picked the UK over other locations for a strategic investment since Brexit was announced.
The Citigroup innovation lab is set to boost the fintech sector for the City as well as attract international talent. “Labs create an environment to bring the outside ecosystem in and develop deep technical capabilities in collaboration with startups, academia and clients,” said Vanessa Colella, Citi’s Chief Innovation Officer.
The lab will be based in one of WeWork’s shared spaces in Moorgate and will be the latest in a string of tech hubs operated by Citigroup around the globe. Its main focus will be the support of Citi’s markets and securities services while developing advanced technologies such as high-tech computing and data visualisation.
Besides Citigroup, Goldman Sachs is planning to acquire more technologists in the UK, and BNP Paribas has announced plans to expand corporate and investment banking. UBS, Credit Suisse, Pictet, and Société Générale have also talked about UK expansion plans.
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