New York – Citi Commercial Bank (CCB) – which serves mid-sized companies in over 60 countries – has plans to hire 900 people, including over 400 commercial bankers, in the next three years as the business seeks to fast-track growth. The Commercial Bank will achieve scale by increasing headcount in developed markets and large emerging markets and leveraging existing institutional infrastructure. It will deliver Citi's wide array of institutional products and solutions to meet the evolving needs of mid-size corporates as they expand across borders or leverage global supply chains.
Multinational Enterprises (MNEs) are key drivers of economic growth with a 2018 Organisation for Economic Co-operation and Development (OECD) report estimating MNEs account for half of global exports, almost one-third of world GDP and about one fourth of employment1. Servicing clients whose annual revenues range from $10 million to $3 billion, Citi Commercial Bank anticipates that the financial needs of this critical client segment will evolve, requiring the sophisticated banking solutions and expertise a global bank like Citi can offer. The bank is therefore investing heavily in this segment, with the bulk of hires to be concentrated in areas poised to see an acceleration in business activity: the United States, China, Brazil, India and countries in Western Europe to start.
"In today's interconnected world, mid-sized companies quickly outgrow the capabilities of a local or even a regional bank. They are going global faster and reaching scale sooner than ever before," explained Tasnim Ghiawadwala, Global Head, Citi Commercial Bank. "CCB is the ideal banking partner for our clients as they seek Citi's global connectivity and institutional expertise across working capital management and strategic capital market offerings. We can offer our mid-sized clients the suite of capabilities used by the largest companies in the world customized to their needs and scale of operations," she continued.
Existing client behavior and expectations are also changing as the adoption of digital tools accelerate. To meet these needs, the Commercial Bank has been developing a sophisticated digital portal that gives clients a single-entry point into Citi's products and services, and a fully digital channel for onboarding.
In addition to launching into new markets and expanding its digital capabilities, the Commercial Bank is focused on deepening penetration in emerging, high growth disruptor sectors through recruiting industry expert senior bankers and enhancing training and development for existing bankers. This realignment will provide more tailored product offerings for clients and greater connectivity with the firm's other institutional businesses: Treasury and Trade Solutions, Securities Services and Banking, Capital Markets and Advisory. The Commercial Bank will also look to strengthen the collaboration with Global Wealth Management, as both businesses can provide a uniquely holistic approach to the needs of owners and their portfolio companies.
"The demand we are seeing for global products and a global platform makes me really confident about our value proposition and why I think we can continue to grow at a faster pace," stated Ghiawadwala. "CCB will focus on deepening client relationships through investment in our bankers and digital channels and by providing multiple client touch points into the rest of Citi. My priority is to unleash the power of Citi to this client set with market share gains to follow," Ghiawadwala continued.
Citi Commercial Bank puts 200 years of experience to work for midsized, globally oriented companies by delivering actionable insights and ideas, comprehensive banking solutions and a truly global network. Serving clients in more than 60 countries, the Commercial Bank helps mid-sized companies with revenues starting from $10M address the challenges of rapid growth and international expansion, enabling them to scale faster, grow larger and spur economic activity in their home markets.
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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