Financial Services

Citigroup hires William Hague as UK prepares exit from EU

Former British foreign minister joins Mervyn King as senior adviser to bank

William Hague, who also served as leader of the Conservatives, was in favour of Britain staying in the EU. Photograph: Andy Rain/EPA

Tue Jan 17 2017 - 14:15

Citigroup has hired former British foreign minister William Hague to be a senior adviser to the Wall Street bank, as Britain prepares to negotiate its exit from the European Union.

Banks and investment firms have a long history of recruiting former political leaders and policymakers as advisers, and the appointment of Hague follows that of Mervyn King, former governor of the Bank of England as senior adviser to Citi in July.

“We’re delighted Lord Hague will be working with Citi as an adviser, providing his unique perspective to our clients,” a spokesman for Citi said on Tuesday. “Lord Hague’s experience on the global stage and his understanding of the forces shaping the world will be a key asset for Citi,” he said, adding that Haig would not hold a management role.

Hague, who also served as the leader of the Conservative party in Britain, quit frontline politics in the 2015 general election but has voiced support for Britain to stay inside the European Union.

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The UK head of Citi, which employs around 9,000 people in Britain, said last October that some jobs in London's financial sector would move to countries inside the European Union after Britain leaves the bloc, regardless of what deal is struck on access to the EU financial services market. - (Reuters)

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