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Citi Bets Big on Asia for Wealth Growth
29 May
Summary
- Citigroup plans to hire many global wealth management staff in Asia.
- The bank aims to add 100 private bankers and 400 specialists worldwide.
- Asia is expected to contribute 35% of global wealth revenue by 2025.
Citigroup is strategically channeling a significant portion of its global wealth management hiring into Asia. This expansion is driven by the region's accelerated growth and enhanced productivity within Citigroup's private bank.
The bank intends to recruit about 100 private bankers and 400 specialists worldwide, with Asia serving as a key anchor for these new positions. This initiative supports Citigroup's goal of boosting returns in its wealth business.
Asia is identified as the fastest-growing and most productive segment of Citigroup's private bank. The region is expected to contribute approximately $3 billion in revenue by 2025, representing 35% of the company's global wealth revenue.
Citigroup has established ambitious financial targets, aiming for a 15-20% return on tangible common equity by 2027-2028. The company continues to operate wealth, cards, and retail services in Hong Kong and Singapore, underscoring Asia's pivotal role in its growth strategy.
