Citigroup eyes Asia-led wealth expansion with fresh hiring drive

Citigroup plans to allocate a significant share of its global wealth management hiring to Asia, where the bank’s private banking business is expanding faster and delivering stronger productivity than other regions, according to Andy Sieg, Citi’s head of global wealth.

The hiring strategy forms part of the bank’s broader effort to strengthen returns from its wealth management division under Chief Executive Jane Fraser’s restructuring strategy.

Sieg, who previously led Merrill Lynch’s wealth business and joined Citi in 2023 to oversee the revamp of the wealth division, said the bank’s recently announced hiring plans would be anchored in Asia alongside other regions.

Asia becomes key growth driver

Speaking in Hong Kong, Sieg said Asia had become the fastest-growing and most productive segment within Citi’s private banking business.

“In the private bank, our business in Asia is the fastest growing part of our private bank,” Sieg said in an interview. “It’s the most productive area of the private bank.”

While Sieg declined to provide a detailed regional breakdown of hiring targets, he said Asia would account for a substantial portion of the recruitment plans.

Earlier this month, Citi announced plans to hire around 100 private bankers globally, along with nearly 400 additional specialists.

The move is aimed at boosting profitability and expanding the bank’s global wealth franchise.

Wealth unit targets higher returns

Citi has set ambitious profitability goals for the wealth management division.

The bank is targeting a return on tangible common equity of 15% to 20% for the wealth business in 2027 and 2028, with returns expected to exceed 20% over the longer term.

The wealth division reported a nearly 50% increase in net income to $1.5 billion in 2025 compared with the previous year.

Sieg said Asia would play a critical role in helping the bank achieve those targets.

According to Citi’s latest official filings, the bank’s Asia wealth business, including Japan, Asia North and Australia, and Asia South generated approximately $3 billion in revenue in 2025.

That represented about 35% of Citi’s global wealth revenue.

Focus remains on wealthy clients

Sieg pointed to Indonesia as an example of how Citi can support affluent clients during periods of market volatility and shifting government policies.

Citi has maintained its wealth, cards, and retail banking operations in Hong Kong and Singapore, even as it exited consumer banking businesses across 14 markets in Asia, Europe, the Middle East, and Mexico in recent years.

The exits were part of Fraser’s broader strategy to simplify the bank’s operations and redirect capital toward businesses with higher returns.

The bank is also working to deepen relationships with existing clients.

In the first quarter, Citi merged its US retail banking operations into the wealth unit as part of that strategy.

Sieg said the bank’s leadership expects the wealth division to become a leading global franchise rather than merely improving incrementally.

“Jane and the board will not be satisfied with a business which is only marginally advanced from where we are today,” Sieg said.

“They expect us to build an industry leader in wealth management.”