Citigroup is planning to hire nearly 7,500 new people in China over next three years.
The move is aimed at expanding the bank’s business in the region and better compete with main rivals HSBC and Standard Chartered.
Citigroup, which currently employs 4,500 people in China, will hire more in China than in any other Asia-Pacific country, according to Bloomberg’s interview with Stephen Bird, Citigroup’s co-CEO for the region.
Bird said China is one of Citi’s priority markets globally. The bank has aggressive consumer banking expansion plans and want to open branches as fast as regulators in China will let them.
Citigroup currently has 29 branches in China, and is expected to add 10 more by the end of this year.
HSBC and Standard Chartered operate 102 and 59 branches respectively in China presently.