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Tag: citi

  • Citi Launches Hiring Spree in Singapore

    Citi Launches Hiring Spree in Singapore

    Citibank Singapore is set to see a vitalized drive towards expansion as the American lender shared major targets on hiring, assets and clients following the launch of its new wealth hub in Orchard.

    Citi will look to double its assets – currently with $280 billion under management – and triple the number of clients by 2025, according to a report.

    To achieve this, the bank will also look to hire over 330 relationship managers.

    Alongside the latest opening of its wealth hub – a four-floor 30,000 square feet space that can accommodate over 500 people with current restrictions and an extra 100 without – the bank is also seeking to build one or two more hubs in the city-state but no timeline was shared. It also has over 70 wealth hubs and client centers in the broader region to serve its affluent customers.

    One of the key reasons for the selection of Singapore as the hub of choice, according to Citi’s head of consumer banking for Asia Pacic and Europe, Middle East and Africa Gonzalo Luchetti, is trust.

    You have a stable, well-tested framework, under which you can operate, he said. It gives clients the trust that you really need in the business of wealth.»

    In addition, Luchetti also highlighted the geographical location, a strong economy, large amounts of local wealth and talent pool as other reasons.

    In line with the overall industry trend, Citi has benefited in digital adoption in a model Luchetti described as «light-physical, high-digital».

    Less than 1 percent of transactions in Singapore executed at branches and year-to-date, retail sales of mutual funds digitally doubled compared to the same period in 2019.

    Although the bank has reduced space occupied – 10 outlets in Singapore, down from 14 at the start of the year – it maintains that a physical presence and human touch from relationship managers will continue to matter.

    One of the bank’s key strategic approaches will be to leverage its overall network and capabilities to serve the full spectrum of wealth – from the emerging affluent to ultra-high net worth individuals – by creating closer links between the private bank and the global consumer bank, benefiting from the former’s product capabilities and the latter’s transactional capabilities.

    The ability to offer mass affluent clients the type of access to global and institutional caliber insights from the private bank sets Citi apart, Luchetti added.

    This is one of the key things that we see as our differentiators – that we can grow with our clients as their wealth journey moves forward.

  • Citi Digital-Only Offering Targets 200,000 New Clients in Hong Kong

    Citi Digital-Only Offering Targets 200,000 New Clients in Hong Kong

    Citi will look to realize the promises of financial inclusion with its new digital-only proposition in Hong Kong which can be accessed with as little as HK$1.

    And at HK$100, users can even find tailor-made fund portfolios based on investor needs, according to a statement from the bank.

    In addition to the low threshold, users can also earn as much as 1.8 percent on the deposit rate from the platform.

    Entitled Citi Plus, the platform will be first rolled out in Hong Kong before entering other markets in the Asia Pacific region.

    According to the bank, it will seek to add up to 200,000 clients over the next few years with a target of doubling its base within the next 24 months.

    Nowadays, young consumers have endless desires and expectations for digital living, and digital experience on wealth management is becoming part of their daily lives, said Lawrence Lam, consumer business manager at Citibank Hong Kong.

    Citibank has been committed to offering excellent services to best meet client needs. The launch of Citi Plus now is a testament to our customer-centric core principle.

  • Citi Promotes APAC Head of Private Banking Ops

    Citi Promotes APAC Head of Private Banking Ops

    Citi has promoted its private banking head of operations and technology in Asia Pacific to an even larger role covering the same area for the broader group.

    Stacey N. Lacy has been named as APAC head of operations and technology for Citi, effective immediately, according to a statement from the bank. In her new Singapore-based role, Lacy reports to Mike Whitaker, Citi’s global head of enterprise infrastructure, operations, and technology as well as Peter Babej, APAC chief executive.

    Her responsibilities include «delivery of client-focused initiatives, operations, and technology and shared services deployment» for the bank across the institutional clients’ group and global consumer banking businesses in the region.

    Citi’s shared service centers in the region are located in India, Singapore, Malaysia, and China.

    Lacy joined Citi in Hong Kong as a global consumer bank management associate over 23 years ago in 1996 and has since then has taken on various ops and tech roles within the bank. She was previously Citi’s ASEAN head of ops and tech for four years and China head of ops and tech and shared services for another four years.

    In her most recent role as Citi Private Bank’s head of ops and tech, she as credited with «expanding the business’ transaction capabilities, driving digital adoption by clients and revamping key operations processes and products».

    Banking accomplishments aside, the statement also highlighted Lacy’s role as a «champion» for diversity and inclusion initiatives such as active mentorship and development of global female talent internally.

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  • Citi Names APAC Trade Head

    Citi Names APAC Trade Head

    Citi’s treasury and trade solutions unit promotes its former head of trade finance for Asia Pacific to lead the region’s trade unit. Citi Treasury and Trade Solutions (TTS) appoints Kanika Thakur as its Asia Pacific trade head, effective immediately, according to a statement. Thakur succeeds Vishal Kapoor was named head of TTS for Citi Hong Kong in May this year.

    In her Hong Kong-based role, Thakur reports to Rajesh Mehta, APAC TTS head and Ebru Pakcan, global head of trade.

    A career Citi banker, Thakur joined in 2001 as a management associate in India. Since then, she has also worked in Hong Kong and Singapore within trade across roles such as sales and structuring, product management, and distribution. Prior to her latest appointment, Thakur was the APAC head of trade finance.

    According to the statement, Thakur takes on the role amidst a «new operating environment» of evolving needs such as «shifts in trade flows, reconfiguration of supply chains and [the] advent of new technologies».

    In addition to maintaining our market leadership [in the trade business, Thakur] will also be responsible for charting the course of our future business model in a rapidly changing environment, said Mehta.

    Citi’s trade business generated high single-digit growth in 2019 and has also seen an uptick in activity this year amidst an economically challenging environment, the statement added.

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  • Citi-Backed Data Management Firm to Expand in APAC

    Citi-Backed Data Management Firm to Expand in APAC

    U.K.-based enterprise data management company Solidatus said it will accelerate its growth plans in the region, following a strategic investment by Citi.

    Citi, the first major investor in the startup, will also implement the Solidatus platform internally at a global enterprise level, according to an announcement on Tuesday.

    Solidatus’ software helps organizations to gain greater insight and control of complex data across operational and technological ecosystems, which allows them to both satisfy regulators and react quickly to change. Its clients include retail giant Walmart and Deutsche Bank.

    The Solidatus solution will support Citi’s ongoing commitment to change management, helping our global infrastructure to stay agile, efficient and robust, Chris Hayward, Citi chief data officer, said in the announcement.

    Solidatus said it sees great opportunities in the Asia-Pacific market, and opened its Singapore office in 2019, which functions as its regional headquarters as it sets its sights on growth in Southeast Asia and China.

    The Singapore office is led by information technology and banking industry veteran John Berven, who previously spent almost 18 years at State Street, most recently as its head of real money FX sales in Hong Kong and Singapore.

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  • With Offices Closed, Students Turn to Virtual Work Experience

    With Offices Closed, Students Turn to Virtual Work Experience

    Citi Asia Pacific’s work experience program, covering careers in Investment Banking and Markets and Securities Services, has proven popular among undergraduates.

    Since its launch earlier in July, the bank said that close to 500 students from universities across Singapore have already enrolled in its Asia Pacific’s virtual work experience program, which is designed to provide students with insights into life as an analyst while helping them build the skills and confidence to pursue a career at Citi or in banking.

    As part of the program, students will get a taste of on-the-job tasks to better understand what a banking career can offer them, while developing valuable skills for employability, Citi said.

    In each module, students work on case studies designed by the bank, and submit their solutions to business problems. Students with submissions that stand out may be contacted for permanent roles at Citi or summer internship opportunities next summer.

    The bank developed the program when it noticed the challenges that students were facing in securing internships in the current Covid-19 environment, according to Joel Fastenberg, head of human resources for Citi Singapore and ASEAN. An added benefit of an online program is that it does not have a cap on the number of students, and is open to any Singaporean student regardless of where they are located.

    «Importantly, this program also supports Citi’s campus recruitment efforts enabling us to identify our future talent early on. Students who stand out may be contacted for summer internship opportunities or permanent roles in the bank,» Fastenberg said.

    The bank previously allayed fears that virtual internships amid the Covid-19 pandemic would make it more difficult for candidates to secure a job after completing the program, by promising to offer all 76 students of its incoming batch of interns a full-time analyst role if they meet the minimum requirements of the program.

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  • Citi Appoints APAC Tech Vice Chair

    Citi Appoints APAC Tech Vice Chair

    Will McLane was named Asia Pacific vice chairman of technology at Citi, according to an internal memo, in addition to his existing role as vice chairman of the global financial institution’s group (FIG).

    We have asked McLane to assist the APAC technology team in covering clients for unique stations to help scale BCMA’s (banking, capital market advisory) innovative pitching efforts globally, the memo said, adding that he would continue to support FIG clients in Asia.

    According to the bank, McLane alongside other seniors in Asia, has applied innovative techniques for pitching such as videos, multimedia, props, and more in the last 18 months.

    This role is a natural extension for [McLane], as he has been instrumental in providing critical thought leadership and creativity in pitching, resulting in several landmark transactions, the memo continued.

    Scaling these innovative approaches and aligning them with our global relationships will help differentiate Citi, particularly in the current COVID-challenged operating environment.

  • Citi Names APAC Corporate Banking Head

    Citi Names APAC Corporate Banking Head

    Citi names the successor to former Asia Pacific head of corporate banking Gerry Keefe, who will take on the new role in the bank. Citi appointed Kaleem Rizvi as its new APAC head of corporate banking last week, according to a statement. In his new Hong Kong-based role, Rizvi will report to Jan Metzger, APAC head of banking, capital markets and advisory, and Jason Rekate, global head of corporate banking.

    Rizvi joined Citi in 1996 in its Pakistan-based offices across roles in investment banking, institutional remedial management, corporate banking and commercial banking. Since then, he’s held other roles in a covering diverse range of markets including Nigeria, Thailand, Vietnam, Bangladesh, Sri Lanka, and, most recently, the Americas as Citi’s Colombia-based CIB head for the Andea, Central American and Caribbean cluster.

    Rizvi’s predecessor Keefe remains with the bank and will take on a new role as global head of TTS corporate and public sector sales.

    The bank also named Christie Chang as its new corporate banking chairman for the region, in addition to her existing roles as head of Taiwan BCMA and president of Citibank Taiwan. Chang will provide leadership and targeted client coverage in the region. 

    Chang joined Citibank in 1989 as a management associate and has since held various senior Taiwan roles. These appointments underline the importance of Asia Pacific to our global corporate banking franchise, Metzger said. We look forward to this new leadership building further on the strong relationships we have across the region with corporates, financials, and public sector clients and the 95 percent of the ‘Fortune 500’ who bank across the region.

  • Citi to Hand Job Offers to All Summer Interns

    Citi to Hand Job Offers to All Summer Interns

    Fears among graduates that virtual or shortened internship programs at banks amid the Covid-19 pandemic will make it more difficult for them to secure a job after completing the program have been alleviated, at least for Citi’s summer interns.

    The bank previously announced that its summer internship program would be delayed from June 1 to July 6, and shortened to five weeks, as a result of the escalation of the virus outbreak. In a statement on Tuesday, it promised the 76 students of its incoming batch a full-time analyst role if they meet the minimum requirements of the program.

    Citi’s offer also promises to pay the interns for the 10-12 weeks despite the truncated program, essentially giving them at least five weeks’ paid leave. Four out of five of this year’s batch of summer interns in Singapore are from local universities. They will be attached to one of the bank’s eight business or technology divisions.

    While these are trying times, we recognized that it is temporary and remain unwaveringly committed in our strategy to build a strong, diverse talent pipeline through key initiatives such as our summer internship program, Jorge Osorio, Head of Human Resources, Citi Singapore, said in a statement on Wednesday.

    Interns at banks usually have to compete for the openings available, and it is not unusual for only half the batch of interns at banks to receive job offers, according to jobs portal eFinancial Careers.

    Other banks have also made changes to their internship programs this year as a result of the ongoing pandemic: Credit Suisse has converted its EMEA spring internship into a virtual program, while Goldman Sachs previously announced that it would be halving the duration of its summer analyst program but will pay participants for the full 10 weeks.

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  • Citi Appoints Investment Banking Head of Australia and New Zealand

    Citi Appoints Investment Banking Head of Australia and New Zealand

    The American lender nabbed an ex-Deutsche Bank investment banker to lead the unit, claiming to anticipate increased fundraising and M&A activity in the second half. Alex Cartel joins, effective July 2020, as the head of investment banking for Citi Australia and New Zealand after most recently being with Deutsche Bank’s Australia unit as its head of investment banking coverage, according to a statement. Cartel, who is also the president of the «Australian Takovers Panel», will report to Tony Osmond, Citi’s head of banking, capital markets and advisory.

    Cartel has over 20 years of experience with involvement in numerous major deals in Australia including, most recently, the A$600 million ($381 million) sales of Kirin’s Lion Drinks and Dairy business to China Mengniu and Saputo.

    In addition, the bank also named Rob Jahrling and Hamish Whitehead as co-heads of Citi Australia and New Zealand’s equity capital markets (ECM), reporting to John McLean capital markets origination head at Citi Australia and New Zealand.

    Whitehead joined Citi in 2015 and now leads ECM origination and execution out of Melbourne, covering the transport and utilities sector. Jahrling joined Citi in 2010 and ECM origination and execution from Sydney, covering the resources sectors.

    In just the past two weeks, Citi has raised $2 billion in equity from regional carpets including NextDC, Auckland International Airport, Shopping Centres Australasia Property Group and Electro Optic Systems. It also raised $8.5 billion from debt capital markets from companies and government agencies such as NSW Treasury Corporation, Queensland Treasury Corporation, South Australia Finance Authority and Treasury Corporation of Victoria.

    We are experiencing a strong increase in fundraising activity and expect this to grow further to include increased M&A activity in the second half and beyond, added Citi’s Osmond in the statement.

  • Citi Marketeer Joins Mastercard

    Citi Marketeer Joins Mastercard

    His career spans multiple functions and geographies, bringing together data, technology and culture in building Citi’s brand strategy and positioning.

    After 16 years at Citibank, marketeer Mayank Dutt is joining Mastercard as its head of marketing and communications for Southeast Asia, the exec announced on LinkedIn.

    He will report to both Safdar Khan, division president, Southeast Asia Emerging Markets and Rustom Dastoor, senior vice president, head of marketing and communications, Asia Pacific, and will work closely with them to accelerate Mastercard’s core business, diversify its customers and build new businesses across Southeast Asia, a spokesperson said.

    Dutt joined Citi in 2004 as AVP and branding head, and has held a number of senior roles at the bank, including chief marketing officer, where he led a team of marketing, insights and digital acquisition specialists; customer franchise head for the consumer banking business in Vietnam; and most recently, director, regional insurance, APAC EMEA, according to his LinkedIn profile.

    With a young and tech-savvy population, Southeast Asia is one of the world’s fastest-growing regions, reinforcing the need for Mastercard to design and deliver experiences that are simple, seamless and secure. With almost two decades of digital marketing experience, Dutt is very well placed to accelerate the brand to greater heights in this region, Dastoor said about the hire.

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  • Q1 Profits Plummet for Citigroup

    Q1 Profits Plummet for Citigroup

    First-quarter profits plummeted 46 percent at Citigroup due in part to its high exposure to unsecured lending via credit cards.

    Citi posted $2.52 billion in first-quarter profits and set aside $4.9 billion in anticipation of increasing defaults fuelled by the ongoing coronavirus pandemic. The U.S. business reported a first-quarter loss of $837 million with the card business representing half of the reserves set aside for expected loan losses.

    Citi’s chief financial officer Mark Mason did not provide specific details on expected profitability pressures but nonetheless said it was «reasonable to expect» further loss provisioning spending on the effectiveness of U.S. government relief programs.

    Credit card defaults are historically correlated with unemployment and the ongoing health crisis has placed added pressure on lenders more dependent on such unsecured loans. In 2019, the U.S. credit card business accounted for 15 percent of total net income.

    Globally, the consumer banking business was flat as gains from the U.S. arm were offset by a 4 percent decline in Asia to $1.8 billion due to lower revenues in its cards business – this could see a boost from its recent partnership with major e-platform HKTVmall.

    Citi’s overall earnings were offset in part by trading fees as equities and fixed income trading business posted a 39 percent spike as activity rose with increased turbulence.

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  • Q1 Profits Plummet for Citigroup

    Q1 Profits Plummet for Citigroup

    First-quarter profits plummeted 46 percent at Citigroup due in part to its high exposure to unsecured lending via credit cards. Citi posted $2.52 billion in first-quarter profits and set aside $4.9 billion in anticipation of increasing defaults fuelled by the ongoing coronavirus pandemic. The U.S. business reported a first-quarter loss of $837 million with the card business representing half of the reserves set aside for expected loan losses.

    Citi’s chief financial officer Mark Mason did not provide specific details on expected profitability pressures but nonetheless said it was «reasonable to expect» further loss provisioning spending on the effectiveness of U.S. government relief programs.

    Credit card defaults are historically correlated with unemployment and the ongoing health crisis has placed added pressure on lenders more dependent on such unsecured loans. In 2019, the U.S. credit card business accounted for 15 percent of total net income.

    Globally, the consumer banking business was flat as gains from the U.S. arm were offset by a 4 percent decline in Asia to $1.8 billion due to lower revenues in its cards business – this could see a boost from its recent partnership with major e-platform HKTVmall.

    Citi’s overall earnings were offset in part by trading fees as equities and fixed income trading business posted a 39 percent spike as activity rose with increased turbulence.

  • Citi Extends Relief Payouts to Hong Kong

    Citi Extends Relief Payouts to Hong Kong

    Lower-income staff at Citi will receive payouts in line with chief executive Michael Corbat’s call to extend global support during the crisis.

    Hong Kong-based employees with an annual base salary of HK$470,000 (US$60,622) or less will receive a one-time payment of HK$8,000 ($1,032). This follows the bank’s announcement last week to provide economic support to 75,000 staff globally including $1,000 to each worker in the U.S. with an annual salary of $60,000 or below.

    «This initiative is for colleagues who are more likely to face economic hardship in the current situation,» said Angel Ng Yin-yee, Hong Kong and Macau chief executive at Citi, in a statement. «We hope that our support will help lighten their load as they cope with other challenges and family priorities during this time.»

    Singapore Relief

    Citi also made a similar announcement in Singapore, highlighting relief measures to support retail and institutional clients such as interest and fees waivers, tenure extensions, alternative settlement arrangements and loan payment reduction programs. And in support of the Singapore government’s latest financial relief program, Citi will also offer clients the option to convert outstanding unsecured balances from their Citi credit cards into low-cost term loans.

    «We recognize the financial stress to our clients as a result of the COVID-19 situation,» said Amol Gupte, ASEAN head and Singapore country officer at Citi, expressing support for clients and the city-state’s government.

    For the time being, global banks continue to demonstrate support for the global economy, especially the economically vulnerable, amidst a persistent coronavirus pandemic. In addition to payouts or loan-related relief, the industry has committed to temporary job cut halts, dividend cancellations and even free online classes for homebound children.

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  • Citi Extends Relief Payouts to Hong Kong

    Citi Extends Relief Payouts to Hong Kong

    Lower-income staff at Citi will receive payouts in line with chief executive Michael Corbat’s call to extend global support during the crisis.

    Hong Kong-based employees with an annual base salary of HK$470,000 (US$60,622) or less will receive a one-time payment of HK$8,000 ($1,032). This follows the bank’s announcement last week to provide economic support to 75,000 staff globally including $1,000 to each worker in the U.S. with an annual salary of $60,000 or below.

    This initiative is for colleagues who are more likely to face economic hardship in the current situation,» said Angel Ng Yin-yee, Hong Kong and Macau chief executive at Citi, in a statement. «We hope that our support will help lighten their load as they cope with other challenges and family priorities during this time.»

    Citi also made a similar announcement in Singapore, highlighting relief measures to support retail and institutional clients such as interest and fees waivers, tenure extensions, alternative settlement arrangements, and loan payment reduction programs. And in support of the Singapore government’s latest financial relief program, Citi will also offer clients the option to convert outstanding unsecured balances from their Citi credit cards into low-cost term loans.

    «We recognize the financial stress to our clients as a result of the COVID-19 situation,» said Amol Gupte, ASEAN head and Singapore country officer at Citi, expressing support for clients and the city-state’s government.

    For the time being, global banks continue to demonstrate support for the global economy, especially the economically vulnerable, amidst a persistent coronavirus pandemic. In addition to payouts or loan-related relief, the industry has committed to temporary job cut halts, dividend cancellations and even free online classes for homebound children.