Citigroup has unveiled plans to recruit up to 1,700 people in Hong Kong as it seeks to leverage growing opportunities in the Greater Bay Area.
Citi Hong Kong and Macau CEO Angel Ng Yin-yee told South China Morning Post (SCMP) that the bank plans to hire people across all businesses. However, majority of the new hiring is expected to include frontline staff.
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Yin-yee was quoted by the publication as saying: “The bulk of it will be our frontline people. We’re also cautious we need to have the right product development, digital channel development people and compliance people, so we are also ramping up the middle office and the back office.”
The plan also aims to increase technology expenditure by 28% to expand digital offerings.
The step comes after Citigroup’s consumer unit in Hong Kong registered 44% jump in net inflows last year.
The lender also witnessed a surge in digital banking usage, following the Covid-19 pandemic.
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By GlobalDataYin-yee further told SCMP: “When people cannot travel and they cannot do other things, they have their mind on wealth management, on how I am going to get better in terms of managing my finances.
“We actually saw quite a good level of client activity in both the consumer side and the institutional side.”
The publication further added that several other banks have also ramped up hiring at Hong Kong as China continues to open financial sector.
