Targeting the growth potential of the Greater Bay Area, Citigroup (C.US) plans to recruit more employees in Hong Kong.

Andy Sieg, the wealth manager of Citigroup (C.US), stated that the company plans to increase its staff in Hong Kong due to its positive outlook on Hong Kong and its connections with the surrounding Greater Bay Area. Sieg said in an interview in Hong Kong on Monday, "You will see us adding talent on a selective basis." "When we see the number of new clients that the average banker in this region is bringing in, we have confidence in adding more clients in the market." Sieg mentioned that these employees will be based in Hong Kong but will serve a wider region, although he declined to provide specific numbers. Citigroup has been pushing into the Asian wealth market, competing with rivals such as UBS Group AG and HSBC HOLDINGS. The Wall Street bank poached Sieg from Bank of America Corp in 2023 to lead its wealth management business, which is a key pillar of CEO Jane Fraser's turnaround plan. According to Sieg, the bank's investment business in Hong Kong grew by nearly 20% year-on-year. This is his third visit to Hong Kong since taking office last September. He will also visit Singapore and Shanghai. Previously, Citigroup carried out massive layoffs globally to boost the bank's lagging return on investment. The bank also exited consumer banking operations in markets such as China, India, Thailand, and the Philippines. Sieg said he is "not concerned" about not having a broad client base because although the business scope is narrower, it is also "deeper." He mentioned that retail banking in Hong Kong is "booming." Driven by growth in non-interest income, Citigroup's wealth revenue in the second quarter increased by 2% year-on-year to $1.8 billion.