SINGAPORE: Global corporate and investment banking Citigroup Inc. has named Singapore as one of the countries in Asia where they plan to recruit 3,000 new staff.
According to Citi spokesperson 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 Singapore and Hong Kong, although the firm also has big institutional businesses in India, South Korea, China, and Australia.
“Despite exiting retail banking outside Hong Kong and Singapore, this region remains front and center of Citi’s global strategy. We’ve been in Asia for 120 years. We have a very strong local presence," he told CNA in an interview over the phone.
The hiring plan follows the bank's intention to absorb over 4,000 technical professionals globally to assist in moving transactions online after the pandemic.
The US lender announced in January that it has employed 5,500 junior staff for its Asia operations in the previous two years, as part of a goal to hire 6,000 by 2023.
Citi possesses $200 billion in wealth assets in Asia, and Griffiths stated that the bank plans to increase customer assets by $150 billion by 2025. Last year, the bank's revenues in the region exceeded $10 billion.
Citi said in April 2021 that, with the exception of Hong Kong and Singapore, it would no longer offer retail banking in Asia. The company further stated that two of the four bank's global wealth headquarters will be Hong Kong and Singapore.