Citi is reportedly planning for a hiring spree to expand its institutional business in Asia with a focus on the region’s key hubs of Hong Kong and Singapore.
Citi plans to hire around 3,000 employees for its institutional business in Asia over the next few years, according to a «Reuters» interview with APAC chief executive Peter Babej.
«That gives you a sense that the magnitude of the set of investment we're talking about both from a people perspective, and from a capital perspective, it is very significant,» Babej said, naming regional hubs Hong Kong and Singapore as the key focus for hiring.
Wealth Growth «On Track»
Separately, a Citi spokesperson said that the bank’s wealth assets, which currently total around $200 billion, were «on track» to grow by $150 billion by 2025.
Last year, Citi announced plans to hire about 2,3000 for its wealth management business by 2025.
China Challenges
On China, Babej said Citi was a «big believer» in the long-term with the bank receiving approval to conduct custodian business onshore in 2020 followed by an application for a brokerage license last year.
Nonetheless, there are still concerns ahead with geopolitical and macroeconomic risks alongside the challenges of Covid-related travel restrictions.
«Our clients are much more willing to work over Zoom but at the end of the day, especially from a private bank view, not being able to travel is a challenge,» Babej said.
