Citigroup plans to hire around 3,000 new employees for institutional operations in Asia over the next two years, strengthening its focus in a fast-growing area from which it has abandoned consumer banking.
The previously unnamed staff expansion plans underscore Citi’s ambition to make institutional banking and wealth management a lever of growth, seeking to boost revenue in an area that has become a battleground for banks around the world, wanting to take advantage of its savings and growing wealth.
Citi’s institutional activities include investment banking and corporate and commercial banking that provided trade finance, asset management, payments among others.
Citi has $ 200 billion in assets in Asia, and the bank is well on its way to increasing its customer assets by $ 150 billion by 2025, a spokesman said, despite global financial and market uncertainty.
The expansion of the bank’s Asian institutional activities is added to the plans announced last year for hiring about 2,300 people by 2025, for its asset management unit.
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