Citigroup to hire 2,300 staff in Singapore and Hong Kong to boost global wealth business

Citigroup's hiring spree in the region will include 1,100 relationship managers and private bankers. PHOTO: EPA-EFE

SINGAPORE - Citigroup said it will add around 2,300 employees and invest in cutting-edge technology in its wealth management hubs of Hong Kong and Singapore.

The US bank's hiring spree in the region will include 1,100 relationship managers and private bankers in its newly merged wealth unit - Citi Global Wealth (CGW).

Citi announced in January the formation of CGW, aligning the private bank and the consumer wealth business under the leadership of Mr Jim O'Donnell, formerly the global head of investor sales and relationship management.

Mr O'Donnell, now Citi's head of global wealth, said: "We are seeing once-in-a-generation wealth creation in many parts of the world, particularly Asia."

The bank expects to add in excess of US$150 billion (S$200 billion) of assets under management across its Asia-Pacific franchise, including US$120 billion in the high-net-worth segment, and further extend its leadership position in the region where it ranks among the top three players, Citi said in a statement on Monday.

Mr Peter Babej, Citi's Asia-Pacific chief executive officer, said: "The Asia-Pacific wealth market stands out in its scale and growth potential. And this is not a cyclical opportunity - it is structural, driven by the emergence of a vast middle class and the rapid development of regional capital markets."

In 2020, the bank recorded over US$20 billion in net new money inflows across the region, marking a record year for its global wealth franchise.

Join ST's Telegram channel and get the latest breaking news delivered to you.