Citigroup to hire 3,000 in Asia institutional banking business in growth push -Asia CEO | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
July 12, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JULY 12, 2025
Citigroup to hire 3,000 in Asia institutional banking business in growth push -Asia CEO

Global Economy

Reuters
07 June, 2022, 04:45 pm
Last modified: 07 June, 2022, 05:17 pm

Related News

  • Citigroup CEO says higher rates to moderate growth in US, world
  • Citigroup's Russia exit removes one obstacle for CEO, but challenges remain
  • Citigroup says it will close Russian consumer business
  • US banks profits to tumble on higher bad loan reserves
  • Citigroup profit drops on higher expenses, consumer banking weakness

Citigroup to hire 3,000 in Asia institutional banking business in growth push -Asia CEO

Reuters
07 June, 2022, 04:45 pm
Last modified: 07 June, 2022, 05:17 pm
Photo: Reuters
Photo: Reuters

Citigroup Inc plans to hire around 3,000 new staff for its institutional business in Asia in the next couple of years, sharpening its focus in a fast-growing region where it has exited consumer banking, its Asia Pacific chief executive said.

The previously unreported staff expansion plans underline Citi's ambition to make institutional banking and wealth management engines of growth, seeking to bolster revenue in a region that has become a battleground for global banks looking to tap its vast economies and growing wealth.

Citi's institutional business includes investment banking, and corporate and commercial banking units that provide trade finance, cash management, payments, and custody services, among others.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"We're talking about real meat on the bones on growing our business across Asia," Asia-Pacific CEO Peter Babej told Reuters in an interview. Babej took on the role in 2019 and previously worked as global head of the bank's financial institutions group.

Citi has around $200 billion in wealth assets in Asia, and the bank was "on track" to grow client assets by $150 billion by 2025, a spokesman said, despite global economic and markets uncertainties.

The bank's expansion of Asian institutional business comes on top of plans announced last year to hire about 2,300 people by 2025 for its wealth management unit.

Citi said last year that $7 billion in capital released from divestment of consumer banking businesses in 13 markets, 10 of which were in Asia, would be either returned to shareholders or invested in lucrative institutional banking and wealth management units.

The bank's main regional institutional business are in Hong Kong and Singapore, and Babej said that these two hubs would be a key focus of the 3,000 additional headcount for the unit. It does not disclose the existing headcount for the business.

"That gives you a sense that the magnitude of the set of investment we're talking about both from a people perspective, and from a capital perspective, it is very significant," Babej said.

Last year, Citi created a single wealth management business, to deliver services to clients from the affluent segment as well as ultra-high net worth individuals. The Asia wealth business is also centered around hubs in Singapore and Hong Kong.

'IMPORTANCE OF CHINA'
Wealth managers at the big global banks are tempering their expectations for Asia, after China's regulatory crackdown and Covid-driven slowdown helped to push clients to the sidelines, bankers and analysts told Reuters last month. 

"As global growth slows down, Asia slows down as well, but the relative growth is still higher than most other places in the world," said Babej.

"And that growth, which translates into portfolio wealth, is one that we're incredibly excited about, and the global solutions that we can provide for that wealth are increasingly relevant for our Asian clients."

Babej believes the wealth that's been accumulated, and continues to grow, in China is "very significant", despite macroeconomic headwinds, uncertainties around Beijing's so-called 'common prosperity' drive, and challenges from Covid control measures.

"Even at a lower GDP (gross domestic product) growth rate, it's something that actually grows faster than it does in the rest of the world," Babej said, noting the common prosperity drive's impact on clients' international investing was hard to predict.

Even as China's economy was expected to slow sharply this year due to pandemic-induced challenges, among other things, the Citi Asia head said volatility and uncertainty related to China's economic and geopolitical challenges would continue in the short term but would not change the bank's strategy.

"We're in China for the long term," he said. "There are question marks in light of the geopolitical situation and macroeconomic situation but longer-term we are big believers in the importance of China."

Babej, however, admitted that not being able to travel to China due to mandatory weeks-long quarantine for inbound travellers as part of the country's zero-Covid approach, was a challenge for both clients and bankers of Citi.

"Our clients are much more willing to work over Zoom but at the end of the day, especially from a private bank view, not being able to travel is a challenge."

(This story corrects to say in the fourth last paragraph uncertainty related to China's economic situation will continue in the short term)

Top News / World+Biz / South Asia

Citigroup Inc / Citi bank

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Screengrab blurred
    Mitford murder sparks political storm as BNP in backfoot, opposition forces pounce
  • Representational image
    Some issues remain unresolved despite progress in 2nd round of US tariff talks: Press Minister Mortoza
  • US President Donald Trump gestures to the US flag flying on a new flagpole after stepping off Marine One returning from New Jersey at the White House in Washington, DC, US, 6 July 2025. Photo: Reuters
    Trump intensifies trade war with 30% tariffs on EU and Mexico

MOST VIEWED

  • Representational image
    In addition to 35% tariff, US demands 40% local value addition for 'Made in Bangladesh' goods
  • Screengrab blurred
    Killers bash in head of man with rock, stomp body with perverse pleasure
  • How tender rules and a lone bidder stall a $2.5b power plant
    How tender rules and a lone bidder stall a $2.5b power plant
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case
  • Photo: UNB
    Saima Wazed Putul ‘placed on indefinite leave’ from WHO role amid corruption allegations
  • After India's visa restriction, China's Kunming is drawing Bangladeshi patients
    After India's visa restriction, China's Kunming is drawing Bangladeshi patients

Related News

  • Citigroup CEO says higher rates to moderate growth in US, world
  • Citigroup's Russia exit removes one obstacle for CEO, but challenges remain
  • Citigroup says it will close Russian consumer business
  • US banks profits to tumble on higher bad loan reserves
  • Citigroup profit drops on higher expenses, consumer banking weakness

Features

The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

6h | Wheels
The showroom was launched through a lavish event held there, and in attendance were DHS Motors’ Managing Director Nafees Khundker, CEO Imran Zaman Khan, and GMs Arman Rashid and Farhan Samad. PHOTO: Akif Hamid

GAC inaugurate flagship showroom in Dhaka

6h | Wheels
After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

1d | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

2d | The Big Picture

More Videos from TBS

Housing officer shot in Pallavi for not paying bribe

Housing officer shot in Pallavi for not paying bribe

9m | TBS Today
What is behind the Lal Chand murder?

What is behind the Lal Chand murder?

54m | TBS Stories
"Is there any hidden patronage of the government behind the groups creating the mob?"

"Is there any hidden patronage of the government behind the groups creating the mob?"

1h | TBS Today
News of The Day, 12 JULY 2025

News of The Day, 12 JULY 2025

1h | TBS News of the day
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net