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CITI PLANS 900 HIRES FOR COMMERCIAL BANKING UNIT OVER THREE YEARS

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Business


CITI PLANS 900 HIRES FOR COMMERCIAL BANKING UNIT OVER THREE YEARS

The Citi bank logo is seen at their offices at Canary Wharf financial district
in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/Files

08 Mar 2022 01:57PM (Updated: 08 Mar 2022 02:07PM)
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Citigroup Inc's commercial banking unit will hire 900 employees over the next
three years, a large part of which will be for the US bank's Asia Pacific
business, as it plans to fast-track growth.

The US 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.


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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.


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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 per cent to the bank's global
revenues of US$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.

Source: Reuters/gs

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