Citigroup plans to triple staff
By Maria Aspan |
September 2, 2010, Thursday
|
Print Edition
Print Edition
CITIGROUP Inc plans to almost triple its work force in China by hiring up to 7,500 people in the next three years, an executive told Bloomberg News in an interview.
Citigroup, which has 4,500 employees in China, will hire more in the country than in any other Asia-Pacific market, according to the interview published on Tuesday with Stephen Bird, its co-chief executive officer for the region.
The hiring plans will support Citigroup's efforts to expand in the region and compete with HSBC Holdings Plc and Standard Chartered Plc.
Bird told Reuters last week that Citigroup planned to open two branches a month on average in China for the foreseeable future, the maximum allowed by regulators.
The company's strategy "is progressively more weighted to emerging markets," Bird told Reuters, adding that China is the future.
Citigroup plans to double its number of branches in Hong Kong to 50 by the end of the year and increase the number of branches on the Chinese mainland to 38 by the end of 2010, from 29 now.
Citibank (China) Co, Citigroup's locally incorporated unit, yesterday opened its first Smart Banking outlet in Beijing after it unveiled the first such outlet on the mainland at the People's Square subway station in Shanghai last week.
Smart Banking outlets allow customers to access the Internet using their mobile devices while inside, and also offer other services, such as allowing customers to complete transactions by operating touch-screen computers.
Citigroup, which has 4,500 employees in China, will hire more in the country than in any other Asia-Pacific market, according to the interview published on Tuesday with Stephen Bird, its co-chief executive officer for the region.
The hiring plans will support Citigroup's efforts to expand in the region and compete with HSBC Holdings Plc and Standard Chartered Plc.
Bird told Reuters last week that Citigroup planned to open two branches a month on average in China for the foreseeable future, the maximum allowed by regulators.
The company's strategy "is progressively more weighted to emerging markets," Bird told Reuters, adding that China is the future.
Citigroup plans to double its number of branches in Hong Kong to 50 by the end of the year and increase the number of branches on the Chinese mainland to 38 by the end of 2010, from 29 now.
Citibank (China) Co, Citigroup's locally incorporated unit, yesterday opened its first Smart Banking outlet in Beijing after it unveiled the first such outlet on the mainland at the People's Square subway station in Shanghai last week.
Smart Banking outlets allow customers to access the Internet using their mobile devices while inside, and also offer other services, such as allowing customers to complete transactions by operating touch-screen computers.
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