Citigroup to Hire 3,000 Staff in Asia to Expand Institutional Banking Business

Citigroup will recruit as many as 3,000 executives in Asia as the global financial conglomerate looks to expand the regional footprint over the next few years.

According to Reuters, the hiring will be in Citi's institutional business, which includes investment banking and corporate and commercial banking.

"We're talking about real meat on the bones on growing our business across Asia," Asia-Pacific CEO Peter Babej told the news agency. Before becoming Asia CEO, Babej had worked as global head of the Citigroup's financial institutions group.

Citibank. Twitter/Citibank

The massive Asia hiring comes as a surprise, as the banking behemoth had quit the consumer banking scene in most of Asia though it is a high-growth region.

The new push into institutional banking in Asia is part of the group's plan to generate more revenue from the highly competitive region.

According to Reuters, Citigroup manages as much as $200 billion of assets in Asia. The financial giant plans to expand the client base further in the region.