US banking giant Citigroup, which has a private banking segment, will set up an innovation centre in London, according to the Financial Times. The firm will reportedly hire around 60 technologists for the centre. The centre in London will also house the EMEA unit of Citi ventures and employees from across the company’s businesses

It will be one of the first investments by a big US bank since the UK voted to leave the European Union. The report comes at a time when there is uncertainty for London’s financial services sector. The UK is set to re-start talks with the EU surrounding trade including a deal for the financial services industry.

Recently, European Commission officials rejected the City of London’s proposal to strike a post-Brexit free-trade deal on financial services. About €6 trillion wich is around 37% of Europe’s financial assets are managed in the UK capital.

Several firms have said they may downsize their UK-based operations, including Societe Generale and Deutsche Bank.