Citigroup to hire up to 7,500 in China-report

NEW YORK, Aug 31 (BestGrowthStock) – Citigroup Inc (C.N: ) plans to
almost triple its workforce in China by hiring up to 7,500
people in the next three years, an executive told Bloomberg in
an interview published on Tuesday.

Citigroup, which has 4,500 employees in China, will hire
more in that country that in any other Asia-Pacific market,
according to Bloomberg’s interview with Stephen Baird,
Citigroup’s 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
(HSBA.L: ) and Standard Chartered PLC (STAN.L: ).

Baird 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,” Baird told Reuters. “Greater China is the
future.” [ID:nBJL002059]

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 mainland to 38 by the end of the year, from 29
currently.

A Citigroup spokesman did not immediately respond to a
request for comment on Tuesday. The company’s shares were
trading up less than one percent, at $3.70, by mid-afternoon.
(Reporting by Maria Aspan, editing by Leslie Gevirtz)

Citigroup to hire up to 7,500 in China-report