![]() ![]() We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia." "While the other 13 markets have excellent businesses, we don't have the scale we need to compete. "This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs. ![]() "We will operate out consumer banking franchise in Asia and EMEA solely from four wealth centers, Singapore, Hong Kong, UAE and London," she added. ![]() In the Q1 statement Citigroup posted on Thursday, Citi chief executive Jane Fraser said that as part of what she called the bank's "ongoing refresh of our strategy," the bank planned to "double down on wealth." clients, the existence of Citibank has long been an advantage, and many are likely to watch the changes with concern. Published reports suggested that the move would, as one publication put it, " investors who have pressed the lender to boost profitability", while enabling it to focus more closely on looking after the growing numbers of wealthy entrepreneurs, and their businesses, in the Asia Pacific region.Ĭurrently Citigroup manages around US$300 billion on behalf of wealthy clients in Asia, the company said.įor American expatriates in the Asia Pacific region, particularly in markets where other major American banking groups aren't present, and non-U.S. As part of this "strategic action" in its Global Consumer Banking operations, the New York-based, New York Stock Exchange-listed banking group said it plans to hire 2,300 people and expand its assets under management by 2025 to US$450 billion in Asia, according to a statement that accompanied the posting of its first quarter 2021 results. ![]()
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