Citi hires 5,500 young employees in Asia, ahead of 2023 target

Citi hires 5,500 young employees in Asia, ahead of 2023 target

Banking















Bloomberg

Citigroup Inc said it has hired 5,500 young employees for its Asia businesses over the last two years, ahead of its target to recruit 6,000 by 2023, after stepping up efforts to help cushion the region from soaring youth unemployment amid the pandemic.

Consumer banking operation has taken up 48% of the overall hires, followed by 31% for the institutional businesses with the remainder in support functions, according to a Hong Kong-based spokesman. About 58% of the hires were female.

Asia Pacific is home to more than half of the world’s youth population, estimated at 700 million people. They accounted for almost half of the region’s unemployed, even though they make up just 20% of the working-age population, according to the International Labor Organisation.

“Youth are key to Asia Pacific’s Covid-19 recovery and to inclusive growth across the region,” Peter Babej, Citi’s Asia Pacific Chief Executive Officer, said in a statement.

Meanwhile, Citigroup has been seeking buyers for some consumer franchises in Asia as it reshapes itself around more profitable units like investment banking, and focuses its wealth business in hubs in Hong Kong, London and Singapore. Close to