If you’ve got a job at Citi in Singapore or Hong Kong, you probably enjoyed a fairly decent second quarter. Asia revenues at the US bank were up 4% year on year in Q2 to $4,003m.
Citi made 21% of its revenues from Asia in Q2, a figure which is likely to be higher than those at rival US banks, which report later this week. But some teams at Citi in Asia are doing better than others. The bank’s second quarter earnings – along with other recent statements and data – provide some insights into the hottest teams to work for at Citi in Hong Kong and Singapore.
Asian revenues in Citi’s Institutional Clients Group – which houses investment banking and trading among other businesses – was up 6% year on year in Q2 to $2,088m. Citi’s earnings report doesn’t provide further details, but a new league table suggests the firm’s M&A bankers helped to drive that success. Citi has moved from ninth to fourth place, year on year, in Dealogic’s ranking for Asia (ex-Japan) M&A revenue by bank in the first half of 2019.
Digital jobs in consumer banking
Asia is Citi’s second largest consumer banking market outside North America. The firm’s Global Consumer Banking division registered its eighth consecutive quarter of growth in Q2 in Asia – consumer revenues increased 3% year on year (to $1,915m). The best consumer banking jobs at Citi in Asia, however, aren’t necessarily found within its branch network. While Citi has been closing some of its physical branches in Asia in recent years, many of its global digital initiatives – including banking services on social media applications – have been rolled out first in Asia. Digital banking jobs at Citi are in demand as a result.
Citi is ramping up its recruitment in Asian wealth management, which is part of consumer banking and serves clients with assets below the $10m qualification mark for its private bank. Citi announced earlier this year that it plans to expand its Asian wealth client base by 10% in 2019, higher than the 8% growth it achieved last year. This will involve hiring more client advisers, according to Reuters.
Citi has a mammoth 852 technology vacancies across Asia, including 55 in Singapore, on its careers website right now. But if you want to use leading edge tech at Citi, try for a job on the electronic FX-trading hub that it is launching in Singapore in Q4. Citi now needs additional technologists to “build out the new platform, related connectivity and ongoing support functions”, Mark Meredith, global head of electronic trading for FX and local markets, told us previously.
Though it faces strong competition from HSBC and Standard Chartered, Citi is still a colossus of Asian transaction banking. It was the top firm in the region (and globally) for transaction banking revenues in 2018, according to data published in April by research firm Coalition. If you’re looking for stable but profitable team to work in at Citi, this is probably it.
Image credit: Anna Anisimova, Getty
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