Citigroup expanding north Asia desk by 25% despite geopolitical risks
Citigroup is increasing its headcount in the north Asia region by one quarter while adding Brazil and Europe to its China desk network.
US financial institution Citigroup announced on Tuesday it would increase its workforce in the north Asia corporate banking desk network by 25 percent. The lender stated this expansion follows double-digit growth in client activities. In addition, Citi will expand its China desk network by establishing new hubs in Brazil and Europe. This addition builds upon existing centers located in Hong Kong, Singapore, Dubai, London, New York, San Francisco, and South Africa. Toh Jianxun, head of corporate banking at Citi for Japan, Asia North and Australia, explained the move supports Chinese companies' global growth ambitions as they develop high-tech supply chain ecosystems overseas. Focus areas include artificial intelligence infrastructure, electric vehicles, consumer electronics, and green energy. Analysts noted that US tariffs, the war in the Middle East, and the conflict between Russia and Ukraine created uncertainty while prompting corporate diversification of supply chains and trading partners.
