Citigroup Inc. (C) has applied for a securities license in China, as the New York-based banking giant eyes a bigger presence in the world's second-largest economy, the Wall Street Journal reported citing a person familiar with the matter.
The bank recently submitted its application to the China Securities and Regulatory Commission, the Journal reported.
According to the report, Citigroup also plans to apply for a futures license in the coming months and intends to hire around 100 people in mainland China in the next two years to support its expansion onshore.
For comments and feedback contact: editorial@rttnews.com
Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.