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Citi prepares for major expansion in China with new investment bank

Citigroup, based in New York, is reportedly advancing its plans to establish an onshore investment banking unit in mainland China. According to a recent Reuters report, the launch is expected within 12 to 18 months. The US bank aims to initially staff the unit with 30 employees by the end of 2024, with plans to expand the team to 100 through new hires and transfers from Hong Kong and other locations. Key positions, including a chief executive, chief financial officer, and chief compliance officer, have already been filled. Citi is also in discussions with Chinese regulators regarding data compliance. This move follows Citi’s application for a wholly-owned brokerage licence in mainland China in 2021 and mirrors similar expansions by rivals like J.P. Morgan and Goldman Sachs in the Chinese market.

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