Hong Kong/Singapore Citi has hired nearly 650 wealth professionals in Asia Pacific so far this year including more than 130 Relationship Managers (RMs) and Private Bankers (PBs) to support client led growth. In the first quarter of 2021, Citi added over US$5 billion in net new money, marking one of the strongest quarters for the bank on record.
The hiring is part of plans to add an extra 2,300 wealth staff including 1,100 RMs and PBs to support clients and grow client assets by US$150 billion by 2025.
Asia Pacific is a key market for Citi’s global wealth ambition. Citi recently announced at first quarter earnings that it is doubling down on wealth with a focus on four wealth centers across Hong Kong, Singapore, UAE and London.
“As the world’s most global bank, with broad-based expertise across investment products, we are attracting top talent to join our team. We are strongly positioned and fully committed to serving our clients’ needs. We are already a wealth management leader in the region, and taking this business to the next level is a strategic priority,” said Peter Babej, Asia Pacific CEO.
In January, Citi announced the formation of Citi Global Wealth (CGW), aligning the Private Bank and the Consumer Wealth business under the leadership of Jim O’Donnell, formerly Global Head of Investor Sales and Relationship Management. Leveraging Citi’s aspirational wealth management brand, CGW’s strategy is focused on delivering the firm’s global network, high quality research and leading capital markets expertise.
“With Citi’s unique capabilities and assets, we have the opportunity to lead our industry in wealth management. We are putting the full force of the firm behind this effort to create a single, integrated wealth platform that will serve all clients, providing tailored capabilities for affluent individuals to ultra-high net worth families,” said Jim O’Donnell, Citi Global Wealth Head.
In 2020, Citi in the region recorded over US$20 billion in net new money inflows marking a record year for the bank with the bank already among the top three wealth managers in Asia Pacific. In the first quarter of 2021, Citi added over US$5 billion in net new money.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Citi Corporate Affairs, Asia Pacific