As Citigroup’s private banking activities show faster growth and higher productivity in Asia, compared to the other regions of the world, the Wall Street giant is planning to allocate a significant portion of its global wealth management hiring in the continent, said Citi’s global wealth head Andy Sieg.
As per Sieg, the American bank’s recently unveiled hiring plans would be “anchored” in Asia along with other regions. The statement, made during the senior official’s interaction with Reuters, holds significance, as the wealth management veteran, who formerly was part of Merrill Lynch’s apex leadership set-up and was brought into Citigroup by the CEO Jane Fraser in 2023, is currently revamping the venture’s wealth unit.
As per Sieg’s plan, Citi will hire about 100 private bankers globally, alongside roughly 400 other specialists, as part of a broader effort to lift returns in its wealth business.
“In the private bank, our business in Asia is the fastest-growing part of our private bank. It’s the most productive area of the private bank,” Sieg told Reuters.
While the wealth management veteran refused to discuss details about Citi’s hiring roadmap, he still said, “A significant percentage of the hiring will be here in Asia, you know, commensurate with the fact that this is a large percentage of our global business.”
Citi has set a target of return on tangible common equity for the wealth unit of 15% to 20% in 2027 and 2028 and above 20% over the medium term. The wealth unit delivered a net income rise of nearly 50% to USD 1.5 billion in 2025 from a year earlier.
The bank’s Asia wealth business, including Japan, Asia North, and Australia and Asia South, generated about USD 3 billion in revenue in 2025, or about 35% of Citi’s global wealth revenue, the bank’s latest filings showed.
Sieg, during his media interaction, cited Indonesia as a “good example” of how Citi can support wealthy clients during periods of market and policy uncertainty.
“It’s also complex right now. Markets have been volatile, with political and policy changes being announced every few days,” he said further.
While Citi stopped providing consumer banking in 14 markets across Asia, Europe, the Middle East, and Mexico, as part of Fraser’s strategy to simplify the firm and focus capital on higher-return businesses, the Wall Street giant has retained its wealth, cards, and retail banking operations in Hong Kong and Singapore.
Stating that the bank is seeking to increase income from existing clients, having merged retail banking into the wealth unit in the United States in Q1, Sieg concluded, “Jane and the board, they will not be satisfied with a business that is only marginally advanced from where we are today.” They expect us to build an industry leader in wealth management.”