Citi S'pore streamlines ops to capture wealth and trade flows

After cutting management layers, it looks to hire more staff for growing wealth business

- Prisca Ang

Citi Singapore's workforce has shrunk by about 500 people, following the US lender's sweeping global restructuring that it says promotes faster decision-making and will thus help it better capture wealth and trade flows between Singapore and the region.

The bank currently has 8,000 full-time and contract staff here, The Straits Times has learnt, down from 8,500 reported in October 2023. It has eliminated management layers and other roles focused on the Asia-Pacific, in line with broader efforts to streamline its operations.

These include regional consumer roles which no longer exist, as Citi has exited its consumer banking businesses in various markets.

Singapore Citi country officer Tibor Pandi said some staff have moved to the bank's newly formed international division that oversees its businesses outside of North America.

"That international division also needs to be staffed, and many people have moved into the business. There were also new departments established," he told ST in his first media interview since taking on his role in February 2023.

"We paid a lot of attention to maintaining our Singapore talent base. As a result of that, we had quite a few examples of Singaporeans becoming more senior or even getting Asia South-wide jobs," said Mr Pandi, referring to Citigroup's business in South-east Asia and South Asia.

The lender has reduced its governance committee here by twothirds under the restructuring, which lasted from September 2023 to March 2024.

Mr Pandi told ST: "We have done a lot in a very short amount of time. Management layers are fewer, decision-making is faster, and the governance across the firm becomes much simpler."