Citigroup Inc. (C) plans to significantly expand its wealth management hiring in Asia as part of a broader strategy to enhance its global wealth operations. The company will recruit around 100 private bankers globally and nearly 400 additional specialists, with a substantial focus on the rapidly growing Asian market, which generated approximately $3 billion in revenues in 2025, accounting for nearly 35% of Citigroup’s global wealth revenues.
According to Citigroup’s Head of Wealth, Andy Sieg, Asia is the fastest-growing and most productive segment within the bank’s private banking operations. The hiring initiative aligns with goals set during Citigroup’s 2026 Investor Day, where management projected the wealth unit’s return on tangible common equity to reach 15-20% in 2027 and 2028, surpassing 20% over the medium term.
In 2025, Citigroup’s wealth unit net income surged nearly 50% year over year to $1.5 billion, reflecting increased client engagement and operational efficiency. As the company restructures its global operations under CEO Jane Fraser, it aims to focus on high-growth businesses, particularly in wealth management, while nearly completing its transformation initiatives to streamline operations.
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