This is to support Citi's wealth management business, as the APAC wealth market "stands out in its scale and growth potential" for the bank.
Citi will recruit 2,300 professionals (including 1,100 relationship managers and private bankers) for its wealth hubs, Singapore and Hong Kong. This is part of the bank's Win in Wealth campaign, which is expected to add more than US$150bn AUM (assets under management) across its Asia Pacific franchise, including US$120bn in the high-net-worth segment.
The company is already a top-three wealth player in APAC. Peter Babej, Citi's APAC CEO, affirmed: "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 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, now in the role of Citi Global Wealth Head. He shared: "We are seeing once-in-a-generation wealth creation in many parts of the world, particularly Asia. With Citi’s unique capabilities and assets, we have the opportunity to lead our industry in wealth management."
Citi’s Global Wealth franchise in Asia includes Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW).
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