Hong Kong’s strict Covid regime has hit the travel market but turnover in the sector has benefitted Citi, which hired 1,000 new employees in the city in 2021.
In 2021, Citi hired 1,000 new employees in Hong Kong, including 300 for its wealth management unit.
While accounting for a small percentage of the overall headcount, the American bank has found success in attracting talent from Hong Kong’s travel market which has been hard hit by the city’s strict «dynamic zero Covid» policy, especially for sales or service-related roles in bank branches.
«These former airline and tourism industry workers may not have banking work experience, but they know how to provide clients with good service,» said Citi Hong Kong and Macau chief executive Angel Ng, according to an «SCMP» report.
2022 Hiring Plans
In 2022, Citi plans to hire another 600 to 700 employees in Hong Kong with a continued focus not only on local talent but also international talent to replace the nearly 700 staff that left last year.
At 4,600 employees, Citi is currently the largest foreign lender in Hong Kong.
Growth Engines
In addition to impact on hiring international talent, tight border controls from the pandemic have also affected other areas such as Hong Kong’s Greater Bay Area initiatives.
Nonetheless, the Greater Bay Area – alongside other opportunities in wealth management and ESG financing – was highlighted as a key growth engine for the bank.
