Citigroup to hire up to 1,700 people as it expands operations in Hong Kong with an eye on Greater Bay Area opportunities
- American bank plans to increase its technology spending, hiring as it seeks to capitalise on rising wealth in Greater Bay Area
- Citi saw a 44 per cent increase in net new money in its Hong Kong consumer business in 2020
The American bank plans to make the hires across its business, filling most of the positions this year, according to Angel Ng Yin-yee, the CEO of Citi Hong Kong and Macau. Citi also plans to increase its technology spending by 28 per cent as it expands its digital offerings, she said.
“The bulk of it will be our frontline people,” Ng said. “We’re also cautious we need to have the right product development, digital channel development people and compliance people, so we are also ramping up the middle office and the back office.”
In 2020, the bank’s consumer business in Hong Kong recorded a 44 per cent increase in net new money, with credit card and new bank account clients utilising digital channels at a much higher rate than before against the backdrop of the coronavirus pandemic, Ng said.
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“When people cannot travel and they cannot do other things, they have their mind on wealth management, on how I am going to get better in terms of managing my finances,” Ng said. “We actually saw quite a good level of client activity in both the consumer side and the institutional side.”