Citi unveiled its hiring plans for its wealth management business in Hong Kong – one of the few remaining markets the bank will place its renewed focus on after announcing a series of planned exits.
Citi will look to hire up to 500 people in its Hong Kong wealth unit, according to a statement.
The hires will include 300 relationship managers in the next five years as part of plans to triple the number of clients and double assets under management (AUM) by 2025 in Hong Kong.
With various Greater Bay Area initiatives, such as Wealth Management Connect on the horizon, the opportunities are strong for further client-led growth in Hong Kong wealth management,» said Hong Kong chief executive and consumer business manager Lawrence Lam.
Hong Kong is one of the four wealth hubs where Citi will operate its consumer banking business after it announced planned exits to 13 markets in Asia and EMEA.
The remaining hubs are London, UAE and Singapore where it also aims to triple its clients and double AUM by 2025.
The latest Hong Kong hiring ambitions for the Hong Kong wealth unit follow previously announced plans to hire up to 1,700 people across businesses in the city.