Post-layofis, Citi Private Ban optimistic about S'pore, region

It is laying groundwork to add new clients, deepen investments, deliver better returns

- Angela Tan

Citi Private Bank has completed most of its job cuts and is optimistic about 2024 as it gains new clients in Singapore as well as the region, and grows its core assets under management by double digits.

Ms Ida Liu, global head of the private banking unit of Citigroup, told The Straits Times on May 27 during a visit to Singapore that the recent spate of layoffs is "more or less done".

"I can't say no more cuts because there are always normal courses of business reductions, but I can say that the majority has been done.

"We are focused on the future.

We have already done what we need to do to get fit in the business, and we are focusing on delivering growth from here," she said.

Citigroup is in the midst of a global overhaul and had said it would eliminate 20,000 jobs by 2026 as part of efforts to improve profitability.

Citi Private Bank, which serves a third of the billionaires in Asia, had a strong start to 2024, Ms Liu said.

"We moved on to a very positive story for 2024. I am very confident that the ship is turning in the right direction," she said.

It has been laying the groundwork to boost its business by adding new clients, deepening investments and focusing on delivering better returns.