Citi to hire hundreds for Asia wealth push, targeting 20%+ RoTCE
C sits 75% above its 52-week low of $71.65.
Summary
Citigroup's global wealth head, Andy Sieg, announced plans for significant hiring in Asia to boost its wealth management business. The bank intends to hire approximately 100 private bankers and 400 other specialists globally, with a substantial portion allocated to Asia, which is identified as the fastest-growing and most productive region for its private bank. This move is part of Citi's strategy to achieve a 15-20% return on tangible common equity for its wealth unit by 2027-2028, building on the unit's nearly 50% net income rise to $1.5 billion in 2025. The announcement provides concrete execution details following the recent investor day where new return targets were set and Andy Sieg's appointment to lead the wealth division.
At the time of this announcement, C was trading at $125.38 on NYSE in the Finance sector, with a market capitalization of approximately $214.7B. The 52-week trading range was $71.65 to $135.29. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.