Citigroup Inc. is on track to establish a wholly owned brokerage business in China, with final regulatory approval expected by September 2026. The China Securities Regulatory Commission (CSRC) completed its review of Citigroup’s brokerage license application in May 2026, marking a crucial step forward since the application was filed in 2021. The bank plans to increase its brokerage unit’s headcount to around 100 employees by the end of 2026.
The new brokerage platform will extend Citigroup’s services in China beyond investment-banking, enabling A-share brokerage, underwriting, research, and principal trading. This expansion aligns with Citigroup’s goal to increase its investment banking wallet share from 4.7% in 2025 to over 6% and aims to deepen relationships with onshore clients, capitalizing on existing corporate banking frameworks.
Competitive moves in the sector include JPMorgan and Goldman Sachs, both of which have secured wholly owned onshore platforms in China’s securities market, enhancing their domestic and global banking presences. JPMorgan holds a 9.3% wallet share as of mid-2026, while Goldman Sachs increased its investment-banking fees by 52% year-over-year, reaching $6.2 billion.
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