Asia set to take big share of Citi’s global wealth recruitment

Citigroup is planning to place a large share of its global wealth management recruitment in Asia, where its private bank is expanding more quickly and delivering higher productivity than in other regions, according to global wealth head Andy Sieg.

In an interview with Reuters, Sieg said the bank’s newly announced hiring drive would be “anchored” in Asia, alongside other regions.

Sieg, who previously ran Merrill Lynch’s wealth business, was hired by Citi chief executive Jane Fraser in 2023 to lead a revamp of the wealth unit.

Citi plans to hire about 100 private bankers globally, as well as roughly 400 other specialists.

Sieg outlined the recruitment plans at the bank’s investor day earlier this month, describing them as part of a broader effort to improve returns in the wealth business.

“In the private bank, our business in Asia is the fastest growing part of our private bank,” Sieg said in Hong Kong. “It’s the most productive area of the private bank.”

He did not provide a detailed breakdown for the region. However, he 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.”

This month, Citi set a return on tangible common equity target for its wealth unit of 15% to 20% in 2027 and 2028, and above 20% over the medium term.

The wealth unit reported net income of $1.5bn in 2025, nearly 50% higher than a year earlier.

Asia is a central part of that strategy, Sieg said.

Citi’s Asia wealth business — including Japan, Asia North and Australia, and Asia South — generated about $3bn in revenue in 2025, which the bank’s latest filings show was about 35% of global wealth revenue.

Sieg said Indonesia illustrated how Citi can support wealthy clients during periods of uncertainty. “It’s also complex right now,” he said. “Markets have been volatile, political and policy changes being announced every few days.”

Citi has kept its wealth, cards and retail banking operations in Hong Kong and Singapore. That is despite its move in recent years to exit consumer banking in 14 markets across Asia, Europe, the Middle East and Mexico as part of Fraser’s plan to simplify the firm and shift capital towards higher-return areas.

The bank is also seeking to generate more income from existing customers. In the first quarter, Citi merged retail banking into its US wealth unit.

“Jane and the board, they will not be satisfied with a business which is only marginally advanced from where we are today,” Sieg said. “They expect us to build an industry leader in wealth management.”