STOCKS | Citi Plans 25% Hiring Increase for Offshore Banking Unit Serving North Asia

Citi Group plans to increase headcount in its global corporate banking unit serving North Asia clients by about 25% this year. According to Sina Finance, JianXun Toh, who oversees corporate banking in Japan, North Asia and Australia, said the bank will add staff in North America, Latin America, Europe and Asia to support overseas business for clients in Greater China, Japan and South Korea. Toh said Citi's network revenue in Japan, North Asia and Australia has grown at a double-digit annual pace over the past five years, and that the bank has seen more hedging activity this year because of foreign exchange market volatility. He also said more North Asia clients are expanding internationally to capture AI-related opportunities, especially in AI infrastructure construction.