Citigroup Inc. (C) plans to raise its workforce in China to 12,000 in next three years, intensifying its rivalry with HSBC Holdings Plc (HBC, HSBA.L), the bloomberg reported. The New York-based bank will hire more in China than in any other market in Asia-Pacific, the report said citing Stephen Bird, Citigroup's co-chief executive officer for the region.
Citigroup has 29 outlets in the country and plans to add 10 more this year. The bank specified that the consumer and institutional banking will account for about 80% of new hiring in China, the report noted. The bank is also expanding in Taiwan and Hong Kong, where it has 66 and 41 branches respectively, report added.
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