Citi on Hong Kong hiring spree in effort to triple client numbers
Reuters
Published Apr 16, 2021 06:28AM ET
HONG KONG (Reuters) - Citigroup Inc (NYSE:C) will hire 300 new relationship managers in Hong Kong and plans to triple client numbers and double assets under management in its wealth management business in the Asian financial hub, it said on Friday.
The announcement comes a day after the U.S. bank said it would withdraw from consumer banking in 13 markets in Asia and Europe, including Australia, mainland China, Korea and Thailand. The group plans instead to focus its east Asian consumer banking business on the "wealth centres" of Hong Kong and Singapore.
Many large global banks are looking to provide more services to wealthy clients in Asia, both the newly affluent and the super rich.
HSBC's latest strategy, for example, has a focus on wealth management in Asia.
“Hong Kong customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures ... we are fully committed to serving these needs," Lawrence Lam, Chief Executive and Consumer Business Manager for Citibank Hong Kong, said in the statement.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.