Citigroup creates new management structure in Asia – memo

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HONG KONG: Citigroup Inc has created a new regional leadership structure for its Asian business, according to a memo seen by Reuters.

Tim Monger has been named head of the bank’s North and East Asia business “cluster”, while Amol Gupte will lead South Asia and ASEAN, the memo said.

Both will report to Citi’s managing director for Asia-Pacific, Peter Babej.

A Citigroup spokesperson confirmed the content of the memo.

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Monger is currently Citi’s Chief Financial Officer for Asia-Pacific and joined the bank in 2017.

Gupte has worked for the bank for more than three decades and has led ASEAN activities as Singapore Country Manager since 2016.

“This new structure will strengthen our focus on critical growth corridors and drive operational synergies in our markets,” Babej said.

Citigroup plans to hire about 3,000 new employees for its institutional business in Asia over the next few years, focusing more on a fast-growing region where it has exited consumer banking in most markets, Babej told Reuters earlier in June.

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The bank previously said it would hire 2,300 wealth workers by 2025 in the region.

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