Citigroup is expanding its Asia-Pacific prime brokerage team as competition for hedge fund business across the region continues to accelerate, with the bank reportedly planning to increase headcount in the division by around 10% by the end of 2026, according to a report by Bloomberg.
According to Bloomberg, the hiring drive will be concentrated in Singapore and India and will span both client-facing and technology-focused roles as Citi looks to strengthen its hedge fund servicing capabilities in Asia-Pacific.
Sue Lee, Citi’s head of markets for Asia South, said the recruitment programme has entered a second phase following a series of senior hires, with the bank now focused on completing broader staffing across the platform.
The move underscores Citi’s ambitions to expand its footprint in the global prime brokerage market, where banks compete to provide financing, securities lending, execution and trading infrastructure to hedge funds and institutional trading firms.
Bloomberg reported that Citi is aiming to grow prime brokerage balances to more than $700bn by 2028, up from roughly $450bn in 2025, highlighting the strategic importance of the business within the bank’s wider markets division.
The expansion comes as hedge fund activity in Asia continues to draw increased attention from global investment banks seeking growth opportunities beyond slower-moving Western markets.
While Citi has delivered solid performance in fixed income and rates trading, its equities franchise remains smaller than several Wall Street rivals, prompting renewed investment in areas tied to hedge fund flow and capital markets activity.
The hiring initiative also reflects a broader divergence in workforce strategy across the banking sector, with firms simultaneously investing in growth businesses while reducing staff elsewhere through restructuring and efficiency programmes.
Several global banks, including Goldman Sachs, HSBC, Morgan Stanley and JPMorgan, have either announced or explored job reductions in recent months, while continuing to direct spending toward artificial intelligence, automation and technology modernisation initiatives.
Citigroup itself has been undertaking a multi-year restructuring programme and reportedly planned to eliminate around 1,000 roles earlier this year as part of wider organisational changes.
