Citigroup Singapore Set to Ramp Up Hiring as Productivity Soars

SINGAPORE: Citigroup is gearing up for a robust hiring spree at its Singapore office, driven by a significant boost in productivity, according to the bank's head of wealth management, Andy Sieg. This marks a notable shift from earlier this year when the firm faced multiple layoffs due to a comprehensive business restructuring.

Sieg pointed out that productivity among customer-facing employees in wealth management, specifically within the Citigold and Citigold Private Client segments, has soared nearly 80% year-on-year. “This tremendous increase in productivity energizes me to confidently invest in the market and expand our resources,” he expressed in a recent interview. “Anticipate an uptick in hiring that is strategically aligned with this productivity surge,” he added.

As part of this growth strategy, Citigroup has appointed DBS executive Yeo Wenxian as the new head of wealth for South Asia, effective November 1. Sieg emphasized that her appointment signals the company's commitment to attract top-tier talent. “Citi Singapore has become a magnet for extraordinary talent, and Yeo symbolizes the locally cultivated talent we aspire to see more of in key roles,” he noted.

Singapore: The Hub for Global Wealth

Sieg attributes Citi's positive outlook to Singapore's emergence as a critical center for global wealth creation, alongside Hong Kong. This shift in focus on wealth management aligns with Citi CEO Jane Fraser’s extensive transformation plan announced last year, which seeks to enhance the firm's performance in this lucrative sector.

Family offices play a pivotal role in Citi's wealth management strategy, significantly influencing over 20% year-on-year revenue growth. With 1,800 family offices globally, each averaging a net worth exceeding US$2 billion, these entities are now seen as essential partners for businesses seeking long-term investments and growth opportunities. “Today, family offices have evolved from mere wealth managers into strategic partners for entrepreneurial ventures,” Sieg explained.

Navigating Challenges in Asia

Citi's focus on Asia has never been more pronounced, with Sieg noting that the continent is “leading the way forward” in wealth creation. Despite selling its consumer wealth portfolio in China to HSBC last year, Citigroup has redoubled its efforts toward serving Chinese clients exclusively through offshore services in locations like Singapore and Hong Kong.

While the lender has stepped away from its presence in India, Sieg confirmed that the strategy remains unchanged, with plans to bolster the team serving Indian clients. “Our current focus is sharper and deeper, allowing us to derive momentum from our refined client management strategies,” he stated.

As Citigroup positions itself for an upward trajectory, the financial giant's renewed commitment to hiring and leveraging local talent signals a prosperous future for its Singapore operations amidst a complex and evolving financial landscape. Stay tuned for further updates as Citigroup looks to redefine wealth management in a rapidly changing world!