Hiring DBS’ Yeo Wenxian, who will begin her role as Citi’s head of wealth for South Asia on Nov 1, is a “signal that we’re out in the market, looking for strong talent”, Mr Sieg said.
“We can invest in growth with great confidence, because we’re seeing a level of productivity across our team, which is the productivity that you need to inspire investment,” he said.
Pointing to the hiring of Ms Wen, he said Citi Singapore has been a “magnet” for extraordinary talent.
“She represents what we hope and expect to see a lot more of – which is locally grown talent … playing roles that are visible here,” he said.
“EPICENTRE” OF GLOBAL WEALTH CREATION
Mr Sieg’s positive outlook on Citi’s wealth business in Singapore is driven by its pace of growth.
The city-state is the “epicentre” of global wealth creation alongside Hong Kong, said Mr Sieg, who is in the country for F1 client events and internal business meetings.
Wealth management is one of the key pillars of Citi CEO Jane Fraser’s massive transformation plan that was announced last year.
Mr Sieg noted that Singapore’s central role partly comes from its status as a locus of family offices, which he called a “major contributor” to the firm’s business.
