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Citi turns to growth hub Asia for a bulk of its hiring in wealth management unit
- IBJ Bureau
- May 24, 2026
Citigroup plans to allocate a significant portion of hiring in its global wealth management to Asia.
Asia is where Citi’s private banking is growing faster and generating higher productivity than in other regions, Citi’s global wealth head Andy Sieg has said.
The US bank’s recently unveiled hiring plans will be “anchored” in Asia along with other regions, Mr Sieg has added.
Mr Sieg, the former chief of Merrill Lynch’s wealth business, was brought in by Citi CEO Jane Fraser in 2023 to lead a revamp of the wealth unit.
Citi plans to hire about 100 private bankers globally, alongside roughly 400 other specialists, as a part of a broader effort to lift returns in its wealth business, he has added at the bank’s investors’ day event earlier this month.
“Our business in Asia is the fastest growing part of our private banking segment. It is the most productive area of private banking,” Mr Sieg has said in an interview in Hong Kong.
He has declined to elaborate on the hiring plan in the region, but said that “a significant percentage of the hiring will be here in Asia, you know, commensurate with the fact that this is a large percentage of our global business”.
Citi this month set a target of return on tangible common equity for the wealth unit of 15 to 20 per cent in 2027 and 2028 and above 20 per cent over the medium term.
The wealth unit has delivered a net rise in income of nearly 50 per cent to $1.5 billion in 2025 from a year earlier.
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