Citigroup's China Brokerage Unit May Win Approval As Soon As This Month

Citigroup's wholly owned China securities business is expected to clear regulatory approval as early as this month, with plans to hire dozens of staff over the next few months, according to ETNet. The unit, which has been seeking a licence since late 2021, aims to nearly double headcount to about 100 by year-end. It will conduct onshore A-share brokerage, underwriting, research and proprietary trading, and will target leading companies and high-tech sectors including AI and chip firms. Citigroup also plans to recruit across senior front-office and support roles, using both internal transfers and external hiring, while moving some bankers from Hong Kong and other Asian markets to the China unit and shifting some existing mainland staff into the new business.