Citi to accelerate Asia Wealth Business with Fresh Private Banker Hiring

Citigroup is accelerating its wealth management expansion across Asia, with the region expected to account for a significant share of the bank’s upcoming global hiring drive in private banking and wealth advisory roles.

Speaking to Reuters, Citi’s Global Head of Wealth Andy Sieg said the bank’s hiring plans would be “anchored” in Asia, where the company continues to witness stronger growth and higher productivity compared to several other international markets.

The move forms part of Citi’s broader strategy to strengthen its global wealth management franchise under CEO Jane Fraser’s leadership.

The bank is reportedly planning to hire around 100 private bankers globally, with Asia emerging as a central pillar of that expansion strategy.

Asia increasingly critical to Citi’s wealth ambitions

Citi’s wealth business across Asia — including Japan, Asia North, Australia and Asia South — generated nearly $3 billion in revenue in 2025, contributing approximately 35% of the bank’s global wealth revenue, according to company filings.

The region has become increasingly important for global banks seeking growth from affluent and ultra-high-net-worth clients, particularly as economic activity and wealth creation continue expanding across Asian markets.

Andy Sieg noted that markets such as Indonesia present significant opportunities despite ongoing economic and policy uncertainty.

He added that volatility and rapidly shifting policy environments are creating greater demand for sophisticated wealth advisory and investment management services.

Wealth business transformation underway

The hiring push comes as Citi continues restructuring and expanding its wealth management business globally.

Earlier this month, the bank announced medium-term profitability targets for the wealth unit, aiming for returns on tangible common equity between 15% and 20% by 2027 and 2028, with ambitions to exceed 20% over the longer term.

Citi’s wealth division reported nearly 50% growth in net income in 2025, reaching approximately $1.5 billion.

As part of its transformation strategy, Citi has retained its wealth, cards and retail banking operations in key Asian markets such as Hong Kong and Singapore, even after exiting consumer banking businesses across multiple international markets in recent years.

Leadership driving expansion

Andy Sieg joined Citi in 2023 after previously leading Merrill Lynch’s wealth management business. Since taking charge of Citi’s wealth division, he has been overseeing efforts to simplify operations, improve client engagement and build a more competitive global wealth platform.

The bank has also integrated parts of its retail banking business into its wealth division in the United States to deepen relationships with existing clients and improve cross-selling opportunities.

Sieg said Citi’s leadership and board expect the business to evolve into a leading global wealth management franchise rather than settle for incremental progress.

The hiring and expansion plans underline how major global banks are increasingly prioritising Asia as competition intensifies for wealthy clients, investment assets and top advisory talent across the region.