- In an interview with Reuters, Citigroup, Inc (NYSE:C) Asia chief shared plans to appoint 3,000 new employees for its Asia institutional business in the next few years.
- Asia became a battlefield for global banks chasing its vast economies, growing wealth, and relative growth beat most other places.
- Peter Babej saw the accumulated wealth grow significantly in China despite macroeconomic headwinds, growth policy uncertainties, and COVID control measures.
- Also Read: Citigroup Looks To Hire Over 4K Tech Specialists To Tap Pandemic Induced Digital Boom
- Babej shared long-term aspirations for China snubbing its economic and geopolitical challenges as short-lived.
- Traveling to China remained a key challenge for the bank amid the country's strict Covid stance.
- In 2021, Citi disclosed plans to hire 2,300 people by 2025 for its wealth management unit.
- Citi's main regional institutional business in Hong Kong and Singapore would be a strong focus of the 3,000 additional headcounts for the unit.
- In 2021, Citi created a single wealth management business centered in Singapore and Hong Kong hubs catering to clients from the affluent segment and ultra-high net worth individuals.
- Citi had $200 billion in wealth assets in Asia and was "on track" to grow client assets by $150 billion by 2025.
- Price Action: C shares traded lower by 0.56% at $51.11 in the premarket on the last check Tuesday.
