March 8, 2022
(Reuters) – Citigroup Inc’s commercial banking unit will hire 900 staff over the next three years, a large part of which will be for the U.S. bank’s Asia Pacific business, as it plans to fast-track growth.
The U.S. lender said on Monday that along with launching in new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit is looking to ramp up its presence in high-growth and emerging markets.
The bank, which currently operates in 60 countries and focuses on lending to mid-sized companies, said a bulk of the hires are expected to be in areas where it sees an increase in business activity, particularly the United States, China, Brazil, India and countries in Western Europe.
The move comes at a time when the Wall Street institution has been cutting down its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has looked to simplify the bank and bring its profitability more in line with its peers.
In a separate statement on Tuesday, Citi said, as part of its global headcount expansion plan, it would hire close to 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the Asia Pacific region.
The hiring represents the largest investment in headcount across the bank globally, it said.
A majority of these hires will be placed in China, Hong Kong, India and Singapore. China and India will each get around 80 new hires. Hong Kong will add close to 100 people, while another over 30 will go to Singapore.
The arrangement will strengthen Citi’s services, including treasury and trade solutions, securities, and its collaboration with global wealth management.
In 2021, the Asia Pacific business contributed 41% to the bank’s global revenues of $2.7 billion.
Earlier this year, Citigroup said it will exit its Citibanamex consumer banking business in Mexico and also announced a deal to sell its retail unit in Taiwan.
(Reporting by Manya Saini in Bengaluru and Xie Yu in Hong Kong; Editing by Krishna Chandra Eluri)
