Citigroup to recruit 3,000 employees in Asia for institutional business

• The majority of the new hires will be based in Hong Kong and Singapore.
• Citi’s sales in the region exceeded $10 billion last year.

Citigroup Inc. intends to hire approximately 3,000 additional employees for its institutional business in Asia as it expands its footprint in the area.

According to Citi spokesman James Griffiths, the new employees will work in sectors such as investment, corporate and commercial banking, as well as trading, securities services, and trade finance. The majority of the hires will be in Hong Kong and Singapore, although the firm also has big institutional businesses in India, South Korea, China, and Australia.

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“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 follows the bank’s intention to hire more than 4,000 technical staff globally to assist in the transition of institutional clients online in the aftermath of the epidemic, as reported by Bloomberg News on Monday.

Citigroup has approximately $200 billion in wealth assets in Asia, and Griffiths stated that the bank plans to increase customer assets in the region by $150 billion by 2025. Last year, the bank’s revenues in Asia exceeded $10 billion.

The US lender announced in January that it has hired 5,500 junior staff for its Asia operations in the previous two years, as part of a goal to hire 6,000 by 2023.

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Citi said in April 2021 that, with the exception of Hong Kong and Singapore, it would abandon retail banking in Asia. It further stated that two of the four bank’s global wealth headquarters would be Hong Kong and Singapore.