Citigroup will allocate a significant portion of its global wealth management hiring to Asia, its fastest growing and most productive private bank region, CEO of the wealth unit Andy Sieg said [1]. In May 2026, Citi announced plans to hire about 100 private bankers globally, alongside roughly 400 other specialists as part of its wealth business expansion [1, 2]. Sieg said, "A significant percentage of the hiring will be here in Asia, you know, commensurate with the fact that this is a large percentage of our global business" [1].
In 2025, Citi's Asia wealth business generated around US$3 billion in revenue, making up approximately 35% of Citi's total global wealth revenue [1, 2]. The division's net income rose nearly 50% to US$1.5 billion from the prior year [1, 2]. "In the private bank, our business in Asia is the fastest growing part of our private bank. It’s the most productive area of the private bank," Sieg said [1].
Citi has set a target return on tangible common equity for the wealth unit between 15% and 20% in 2027 and 2028, aiming to surpass 20% over the medium term [1, 2]. The bank continues to retain wealth, cards, and retail banking operations in key Asia-Pacific hubs like Hong Kong and Singapore, despite exiting consumer banking in 14 other markets recently [1, 2]. In Indonesia, Citi supports wealthy clients amid volatile markets and frequent policy and political changes. Sieg noted, "It’s also complex right now. Markets have been volatile, political and policy changes being announced every few days" [1].
Andy Sieg was appointed in 2023 by Citi CEO Jane Fraser to lead the revamp of the wealth management unit as part of a broader push to strengthen the bank’s wealth business globally [1, 2]. The hiring plans announced in May 2026 reflect this ongoing expansion effort [1, 2].
