Exclusive | Citigroup to hire up to 500 people for Hong Kong wealth management as it trims consumer banking in 13 Europe, Asia markets
- Hong Kong, Singapore to benefit as Citi revamps its consumer banking operations in the region
- Citi plans to exit consumer banking in 13 markets in Asia and Europe, including mainland China
Citigroup plans to hire up to 500 people in its wealth management business in Hong Kong as it focuses on “wealth centres” in Asia under new CEO Jane Fraser and significantly revamps its consumer banking business in the region.
The expansion will include more than 300 new relationship managers in the city in the next five years, as the bank aims to triple its clients and double its assets under management (AUM) in Hong Kong’s wealth business by 2025.
“Hong Kong is a key strategic market for Citi and our Hong Kong franchise is one of the largest contributors to Citi’s revenues globally,” said Angel Ng Yin-yee, the chief executive of Citi Hong Kong and Macau. “Citi has a long history in Hong Kong and we are confident in our future here with a strategy to support and grow with our clients.”
On Thursday, Citigroup said it would exit the consumer banking business in 13 markets internationally and focus on wealth centres in Hong Kong, Singapore, the United Arab Emirates and the United Kingdom. The revamp of its consumer banking business would include exits from mainland China, Malaysia, Taiwan and other markets where the bank said it lacks the scale to compete.