While market conditions may still be gloomy, Citi is doing some selective hiring. It is kicking off an entry-level hiring spree in Singapore, and has also just made some regional managing director appointments in Australia.
The entry-level hires show that Citi is still looking for new (dare we say low-cost?) talent it can build up -- and so Citi Singapore announced yesterday that it plans to hire about 200 new graduates this year, some of whom will be recruited under a Monetary Authority of Singapore (MAS) scheme that aims to boost the employment of new graduates and develop talent in Singapore's financial sector.
Indeed, the MAS scheme, which was announced earlier this year, will provide funding support to financial institutions in terms of subsidising graduates' allowances over the next one to two years. Citi has already started interviewing candidates.
"Singapore remains a key market for Citi and we are fully supportive of MAS's initiative to continue developing the necessary talent within the industry," says Jonathan Larsen, country head and country officer at Citi Singapore and CEO of Citibank Singapore. "The planned new hires will support our continuing growth in Singapore. Citi currently provides employment to more than 8,000 employees in Singapore, making us the largest financial employer and highlighting our commitment to Singapore."
In Australia, Shane Taylor has been appointed managing director in global banking, according to an internal memo that was sent to staff this weekend. Taylor has 25 years experience in the financial services industry. His most recent position was managing director and country head for TD Securities in Australia. Prior to that, he held a senior client coverage role at Commonwealth Bank of Australia.
Philip Lewis will also be joining the bank as managing director and head of financial institutions for global banking in Australia & New Zealand. Lewis has worked in the banking industry for more than 20 years, including a 17-year career at Credit Suisse where his last position was head of financial institutions.
Citi anticipates that Lewis will commence with the firm in late May.
As we are seeing across the industry, the massive firings and layoffs may not be over, but most banks are now also hiring in key areas or at the right price.