Business

Citi plans to hire 900 commercial banking units over a three-year period

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

March 8, 2022

(Reuters) – Citigroup Inc’s commercial banking unit will hire 900 people over the next three years, a large proportion of whom will be dedicated to the US bank’s Asia Pacific operations as it plans to accelerate growth.

The U.S. lender said on Monday that in addition to launching into new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit also intends to expand 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 much of the hiring is expected to come in areas where it sees an increase in business activity, particularly the United States, China, Brazil and India and countries in Western Europe.

The move comes at a time when the Wall Street institution has reduced its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has sought to simplify the bank and align its profitability more closely with that of its peers.

In a separate statement Tuesday, Citi said it would hire nearly 350 employees, including nearly 200 commercial bankers, over the next three years as part of its plan to expand its workforce globally to accelerate growth in the Asia-Pacific region.

The hiring represents the largest investment in the bank’s workforce worldwide, it said.

A majority of these new hires will be in China, Hong Kong, India and Singapore. China and India will each get around 80 new hires. Hong Kong will add nearly 100 people, while another 30+ will go to Singapore.

The agreement will strengthen Citi’s services, including treasury and trading solutions, securities and its collaboration with global wealth management.

In 2021, the Asia Pacific business contributed 41% to the bank’s $2.7 billion global revenue.

Earlier this year, Citigroup announced it was exiting its Citibanamex consumer banking business in Mexico and also announced an agreement to sell its retail unit in Taiwan.

(Reporting by Manya Saini in Bengaluru and Xie Yu in Hong Kong; Editing by Krishna Chandra Eluri)

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Caroline Bleakley

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