Citi picks London for latest fintech innovation hub

 
Alys Key
Follow Alys
Citigroup Announce Further Loss Of 52,000 Jobs Worldwide
The lab will be at a London WeWork (Source: WeWork)

Citigroup has selected London's tech hub as the next site in its innovation lab network, creating new jobs on the fringes of the City.

Headquartered in one of WeWork's shared workspaces in Moorgate, the London innovation lab will employ 75 technologists from different backgrounds.

It is the latest in a string of technology hubs set up by the US banking group since it launched the first one in Dublin in 2009. Focusing on developing advanced technologies including data visualisation and high-tech computing, lab locations now include Israel, Singapore and Mexico.

Read more: A fintech M&A bonanza drove deal value to its highest level last year

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.”

The London lab will host the European wing of Citi Ventures, the group's venture capital team.

Read more: Bitcoin credit card bans introduced by JP Morgan, Bank of America and Citi

Related articles