Citigroup recruits 5,500 young employees in Asia ahead of 2023 target

Citigroup recruits 5,500 young employees in Asia ahead of 2023 target

Asia Pacific is home to more than half of the world’s youth population, estimated at 700 million people. They accounted for almost half of the region’s unemployed, even though they make up just 20% of the working-age population, according to the International Labor Organization.

Citigroup Inc. said it has recruited 5,500 youthful employees for its Asia organizations throughout the most recent two years, in front of its target to enlist 6,000 by 2023, subsequent to increasing determination to assist with padding the region from taking off youth joblessness in the midst of the pandemic. Consumer banking operation has taken up 48% of the general recruits, trailed by 31% for the institutional organizations with the rest of help capacities, as indicated by a Hong Kong-based representative. Around 58% of the recruits were female.

“Youth are key to Asia Pacific’s COVID-19 recovery and to inclusive growth across the region,” Peter Babej, Citi’s Asia Pacific Chief Executive Officer, said in a statement.

Meanwhile, Citigroup has been seeking buyers for some consumer franchises in Asia as it reshapes itself around more profitable units like investment banking, and focuses its wealth business in hubs in Hong Kong, London, Singapore and the United Arab Emirates. Close to half of the 5,500 were hired across the bank’s consumer business including some markets it plans to exit, and those staff would be offered options such as new jobs within the bank or transfer to the new buyer, said the spokesman.

Citigroup and Citi Foundation have invested more than US$24.5 million in supporting 49 youth employment programs since 2020, and has pledged to commit US$35 million to advance economic opportunities and employability for youth from low-income and underserved communities in the region by 2023.

Global banks including Goldman Sachs Group Inc. and Bank of America Corp are also directing more funds and resources to comply with environmental, social and governance objectives.

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