New York-based financial services firm Citigroup Inc. (C) intends to bring about a three-fold rise in its Chinese workforce to about 12,000 in the coming three years, Bloomberg reported Wednesday.
Stephen Bird, Citigroup's co-chief executive officer for the region, reportedly said yesterday in an interview that the banking giant will hire more in China than in any other Asia-Pacific country. The bank's consumer and institutional operations will account for about 80% of the new hiring, and the rest will mainly be for technology support and data processing, the report cited Bird as stated.
The report also quoted the bank's spokesman James Griffiths who said that the expansion is likely to make China the third-largest market by staff for the bank, succeeding the U.S. and Mexico.
According to Griffiths, Citigroup has 4,500 employees in China and 50,000 in Asia while Standard Chartered (STAN.L) has over 4,000 employees and HSBC Holdings Plc (HBC, HSBA.L) has more than 5,000 in the country.
Bloomberg also said that Citigroup, which has 29 outlets in the country, plans to add 10 more this year. While HSBC operates 102 outlets, Standard Chartered operates 59 branches. Citigroup's move is likely to deepen its competition with HSBC in China, the world's fastest-growing major economy, the report added.
Citigroup also holds interests in Chinese banks Guangdong Development Bank Co. and Shanghai Pudong Development Bank Co.
In 2008 and 2009, Asia was the largest supplier to Citigroup's earnings. The bank is investing more in Asia than at any time in its history, Bird reportedly said.
C closed Tuesday's trading at $3.71, up $0.04, on a volume of 614.03 million shares.
For comments and feedback: editorial@rttnews.com