Citigroup intends to focus a substantial portion of its worldwide wealth management recruitment efforts in Asia, where the bank’s private banking operations are expanding more rapidly and delivering stronger performance compared to other global regions, according to the institution’s global wealth head Andy Sieg.
The American financial institution’s recently announced recruitment strategy would be “anchored” in Asia alongside other territories, explained Sieg, who previously managed Merrill Lynch’s wealth operations and was recruited by Citi CEO Jane Fraser in 2023 to oversee a transformation of the wealth division.
The bank intends to recruit approximately 100 private bankers worldwide, along with roughly 400 additional specialists, as part of a comprehensive initiative to enhance profitability in its wealth management operations, Sieg announced during the institution’s investor day presentation earlier this month.
“In the private bank, our business in Asia is the fastest growing part of our private bank,” Sieg stated during an interview in Hong Kong. “It’s the most productive area of the private bank.”
While he chose not to provide specific details about the regional hiring strategy, Sieg noted that “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.”
Earlier this month, the bank established a goal for return on tangible common equity for its wealth division of 15% to 20% in 2027 and 2028, with targets exceeding 20% over the medium term. The wealth division achieved a net income increase of nearly 50% to $1.5 billion in 2025 compared to the previous year.
Asia represents a fundamental component of this approach, Sieg emphasized.
The institution’s Asian wealth operations, encompassing Japan, Asia North and Australia, and Asia South, produced approximately $3 billion in revenue in 2025, representing about 35% of the bank’s global wealth revenue, according to the company’s most recent official documents.
Sieg highlighted Indonesia as an excellent illustration of how the bank can assist affluent clients during times of market and policy volatility.
“It’s also complex right now,” he observed. “Markets have been volatile, political and policy changes being announced every few days.”
The bank has maintained its wealth, cards and retail banking services in Hong Kong and Singapore, despite moving in recent years to withdraw from consumer banking in 14 markets throughout Asia, Europe, the Middle East and Mexico as part of Fraser’s plan to streamline the company and concentrate resources on higher-return operations.
The institution is working to boost revenue from current clients, having integrated retail banking into the wealth division in the United States during the first quarter.
“Jane and the board, they will not be satisfied with a business which is only marginally advanced from where we are today,” Sieg remarked.
“They expect us to build an industry leader in wealth management.”
