Citigroup Hires Former U.K. Foreign Secretary Ahead of Brexit Talks

By Max Colchester

Citigroup Inc. has hired former U.K. Foreign Secretary William Hague, as the U.S. bank muscles up its advisory team ahead of Brexit negotiations.

Mr. Hague, who was British foreign minister between 2010 and 2014 and the former leader of the British Conservative Party, has joined the U.S. bank in an advisory role, Citi said.

The hiring of Mr. Hague comes as Citi draws up contingency plans for Brexit. Like other lenders, the U.S. bank has been trying to interpret messages coming out of Downing Street and prepare itself for the likelihood that the U.K. will lose its current access to the European single market. Citi employs some 9,000 people in the U.K. However unlike some of its U.S. peers it already has operations spread across other European countries, notably in Ireland and Germany. This should make it easier for the bank to scale up operations in the trading bloc, analysts say.

Citi was active in its support for the U.K. to stay in the European Union. It donated funds to the "Remain" campaign and executives warned of disruption that would be caused by a vote to leave the trading bloc.

Sky News first reported the appointment.

Write to Max Colchester at [e-mail]

(END) Dow Jones Newswires

January 17, 2017 06:57 ET (11:57 GMT)

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