The chief executive officer of Citigroup in the UK, Tiina Lee, has announced that the bank has completed its management restructuring and is now prepared to begin hiring, albeit in a selective manner. She highlighted corporate banking as one area where she sees the addition of employees and clients. This comes in light of Citigroup having let go of a substantial number of staff globally in a restructuring initiative that started last year, aiming to elevate returns that have been underperforming compared to their US counterparts.
With the restructuring at its end this week, Lee stated the bank is now poised to explore avenues for growth. She stated she was focused on strategic hiring, rather than mass employment. Citigroup, which employs numerous individuals in London and throughout the UK, retains London as a formidable centre for financial services, according to Lee.
Lee, who came on board from Deutsche Bank AG the previous year, suggested that future reforms within the markets would stimulate growth over the forthcoming ten years. She compared the restructuring to moving an oil tanker, and expressed strong belief that over the next five to ten years, the actions taken by the government, regulators, and the stock exchange in terms of modifying listing regulations and the sponsorship system will render the UK a much more competitive place for business. These changes are anticipated to facilitate long-term investment decisions for Citigroup’s corporate customers.