Citigroup plans to significantly expand its wealth management team in Asia. Global head of wealth Andy Sieg identified the region's private banking business as the division's fastest-growing and most productive unit. This expansion supports CEO Jane Fraser’s strategy to revamp the wealth unit and increase profitability.
The hiring plan includes 100 private bankers and 400 specialists globally, with a primary focus on Asia. Citigroup targets a return on tangible common equity for the wealth unit of 15% to 20% by 2027 and 2028. The bank expects the Asia expansion to drive these financial goals.