Citi will hire up to 1,700 for its Hong Kong unit, partly in anticipation of the upcoming Greater Bay Area opportunities.
Citi will add 1,500 to 1,700 in Hong Kong, according to a report citing Hong Kong and Macau chief executive Angel Ng Yin-yee.
The expansion follows a 44 percent surge from net new money in Hong Kong and revenue increases across business units, in contrast with the bank’s global financial performance.
According to Ng, the majority of the new hires will be focused on frontline staff. In addition, Citi will also hire for middle and back-office roles in areas like product development, digital channel development and compliance.
The bank plans to fill most of the positions this year and also boost tech spending by 28 percent.
One of the major Greater Bay Area opportunities in the making is the ‘Wealth Management Connect’ scheme – a cross-border channel that will allow mainland residents of the 11-city cluster to invest in Hong Kong and Macau-based wealth management products.
The scheme is currently being delayed due to the pandemic and Hong Kong officials have said the launch will wait until travel bans are lifted.
According to Ng, she doesn’t expect the scheme to start with a «big bang» but instead grow gradually to reach multiples of the Hong Kong market.