Uncertainty continues to cloud the future of the U.K. financial services industry as it assesses how to continue working once the country -- and with it the City of London -- leaves the European Union.
The decision to leave the EU has been a headache for the City as it could lose the so-called "passporting rights" – the possibility to sell and trade in euros and across Europe while only overseen by U.K. authorities.
Several EU representatives, including President Francois Hollande of France, have said that the euro-clearing business could only happen in the EU and overseen by the European Central Bank - which would mean that London would lose a significant part of its financial business.
Reports in The Times over the weekend suggested that Citigroup, which manages $1.8 trillion assets, was planning to send 900 employees from London to Dublin to continue operating in Europe.
Last week, news emerged that also Goldman Sachs was considering moving some assets and operations from London to Frankfurt. In both scenarios, the investment banks would be under the ECB's supervision once Britain officially exits from the EU and could continue their euro-operations.
"We are looking at our options obviously," a spokesperson for Citigroup told CNBC on Monday over the phone. "But we are not looking for space in Dublin and we are not moving 900 people there," the spokesperson added, denying the Times report.
However, the worries across the financial services industry are clear and the future of the City is not looking bright.