Home Commercial Citi expects 900 hires for commercial banking unit over 3 years

Citi expects 900 hires for commercial banking unit over 3 years

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March 7 (Reuters) – The commercial banking unit of Citigroup Inc (CN) will hire 900 people over the next three years, much of it for the U.S. bank’s Asia-Pacific business, as it plans to ramp up its growth.

The U.S. lender said on Monday that in addition to branching out into new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit was looking to strengthen its presence in emerging and high-growth markets.

The bank, which currently operates in 60 countries and focuses on lending to mid-sized businesses, said much of the hiring is expected to be in regions where it sees an increase in business activity, particularly in the United States, China, Brazil and India. and Western European countries.

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The move comes at a time when the Wall Street institution has reduced its international footprint by exiting non-core markets. Chief executive Jane Fraser, who took the helm last year, has sought to simplify the bank and bring its profitability closer to that of its peers.

In a separate statement Tuesday, Citi said that as part of its global workforce expansion plan, it will hire nearly 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the Asia-Pacific region.

The hiring represents the biggest investment in the bank’s workforce globally, he said.

The majority of these hires will be made in China, Hong Kong, India and Singapore. China and India will each welcome around 80 new recruits. Hong Kong will add nearly 100 people, while more than 30 more will go to Singapore.

The agreement will strengthen Citi’s services, including treasury and commerce solutions, securities and its collaboration with global wealth management.

In 2021, the Asia-Pacific business contributed 41% of the bank’s global revenue of $2.7 billion.

Earlier this year, Citigroup announced it would exit its Citibanamex consumer banking business in Mexico and also announced an agreement to sell its retail unit in Taiwan.

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Reporting by Manya Saini in Bengaluru and Xie Yu in Hong Kong; Editing by Krishna Chandra Eluri

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