Categories: World

Citi to Hire 3,000 Staff for Institutional Business in Asia

Citigroup Inc. plans to recruit around 3,000 new staff for its institutional business in Asia as it steps up its presence in the region.

The new staff will work in areas including investment, corporate and commercial banking, in roles involving trading, securities services and trade finance, Citi spokesman James Griffiths said. The bulk of the recruits will be in Hong Kong and Singapore, but also in India, South Korea, China and Australia where the firm has large institutional businesses.“Despite exiting retail banking outside Hong Kong and Singapore, this region remains front and center of Citi’s global strategy,” he said by phone. “We’ve been in Asia for 120 years. We have a very strong local presence.”

The move comes on top of proposals by the bank to hire more than 4,000 technology staff globally to help move institutional clients online in the wake of the pandemic, which Bloomberg News reported Monday.

Citi has around $200 billion in wealth assets in Asia, and the bank aims to grow client assets by $150 billion in the region by 2025, Griffiths said. The bank’s revenues in Asia last year were in excess of $10 billion.

The US lender said in January that it had hired 5,500 junior employees for its Asia businesses over the last two years, part of a target to recruit 6,000 by 2023.

Citi announced in April 2021 that it would exit retail banking in Asia apart from in Hong Kong and Singapore. It also said Hong Kong and Singapore would be two of the four bank’s global wealth hubs.

Reuters reported the news earlier on Tuesday. –Bloomberg

Dayang Norazhar

Recent Posts

China drops streaming of some games at biggest esports event of the year

China dropped the live broadcast of some esports matchups at the Hangzhou Asian Games, casting…

4 mins ago

High rice prices bring risk of social unrest, UN says

High rice prices, which have been fueled recently by India’s export ban, bring the risk…

11 mins ago

Video game performers vote to authorize strike

Voice actors and performers who work in the video-game industry voted to authorize a strike…

18 mins ago

TikTok shopping ambitions face blow as Indonesia plans curbs

TikTok’s ambition to expand in online shopping is facing a major blow from new rules…

29 mins ago

Apple’s US$59 fake-suede iPhone case is its biggest dud of 2023

When Apple Inc. introduced a new material for phone cases and watchbands earlier this month,…

35 mins ago

Antarctica’s shrinking sea ice hits a record low, alarming scientists

At its largest expanse this year, sea ice covered less than 17 million square kilometers (6.6 million…

1 hour ago