Citi Aggressively Chases Growth In Asia, Especially China Amid Odds

In an interview with Reuters, Citigroup, Inc C Asia chief shared plans to appoint 3,000 new employees for its Asia institutional business in the next few years.
Asia became a battlefield for global banks chasing its vast economies, growing wealth, and relative growth beat most other places.
Peter Babej saw the accumulated wealth grow significantly in China despite macroeconomic headwinds, growth policy uncertainties, and COVID control measures.
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Babej shared long-term aspirations for China snubbing its economic and geopolitical challenges as short-lived.
Traveling to China remained a key challenge for the bank amid the country's strict Covid stance.
In 2021, Citi disclosed plans to hire 2,300 people by 2025 for its wealth management unit.
Citi's main regional institutional business in Hong Kong and Singapore would be a strong focus of the 3,000 additional headcounts for the unit.
In 2021, Citi created a single wealth management business centered in Singapore and Hong Kong hubs catering to clients from the affluent segment and ultra-high net worth individuals.
Citi had $200 billion in wealth assets in Asia and was "on track" to grow client assets by $150 billion by 2025.
Price Action: C shares traded lower by 0.56% at $51.11 in the premarket on the last check Tuesday.