Citi plans 900 hires for commercial bank over next three years

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FILE PHOTO: A view of the Citibank corporate headquarters in New York

– Citigroup Inc said on Monday its unit Citi Commercial Bank (CCB) will hire 900 staffers, including 400 commercial bankers, over the next three years in a bid to fast-track its growth.

The U.S. lender said that along with launching in new markets and expanding its digital capabilities, the Commercial Bank is looking to ramp up its presence in high-growth and emerging markets.

The bank, which currently operates in 60 countries and focuses on lending to mid-sized companies, said a bulk of the hires are expected to be in areas where it sees an increase in business activity, particularly the United States, China, Brazil, India and countries in Western Europe.

The move comes at a time when the Wall Street institution has been cutting down its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has looked to simplify the bank and bring its profitability more in line with its peers.

Earlier this year, Citigroup said it will exit its Citibanamex consumer banking business in Mexico and also announced a deal to sell its retail unit in Taiwan.

(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)