{"id":21127,"date":"2023-04-24T08:30:26","date_gmt":"2023-04-24T08:30:26","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/citigroups-asia-q1-wealth\/"},"modified":"2023-04-24T08:33:24","modified_gmt":"2023-04-24T08:33:24","slug":"citigroups-asia-q1-wealth","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/citigroups-asia-q1-wealth\/","title":{"rendered":"Citigroup&#8217;s Asia Q1 wealth revenue jumps 20% amid new clients, investment gains"},"content":{"rendered":"<p>HONG KONG (Reuters) -Citigroup&#8217;s Asia wealth revenue surged 20% in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson.<\/p>\n<p>The wealth market in Asia has been undergoing a shakeup as some rich clients fled Credit Suisse amid a banker exodus in the last few months, with analysts believing that rival private banks benefitted from inflows. <\/p>\n<p>The number of new clients who joined Citi&#8217;s Private Bank in the region have doubled in the first quarter from a year ago, with new private banking assets growing 20% year on year, according to a Citi spokesperson. <\/p>\n<p>Still, globally, the bank&#8217;s wealth management business was weaker, recording $1.8 billion in first quarter revenue, down 9% from the same period last year.<\/p>\n<p>The U.S lender cited headwinds in securing revenue from investment products and higher interest rates paid on deposits as being the main factors for the global decline.<\/p>\n<p>Meanwhile, the firm&#8217;s institutional business, including banking, services and markets, recorded $2.4 billion in first quarter revenue in Asia, up 6% from a year ago.<\/p>\n<p>The firm&#8217;s Asia head told Reuters last August it planned to hire around 3,000 new staff for its Asia institutional business in the next few years, sharpening its focus in a fast-growing region. <\/p>\n<p> (Reporting by Selena Li; Editing by Toby Chopra and Bernadette Baum)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/citigroups-asia-q1-wealth\/file-photo-the-logo-of-citi-bank-is-pictured-at\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3N06O-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3N06O-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HONG KONG (Reuters) -Citigroup&#8217;s Asia wealth revenue surged 20% in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson. The wealth market in Asia has been undergoing a shakeup as some rich clients fled Credit Suisse amid a banker exodus [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":21128,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-21127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3N06O-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=21127"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21127\/revisions"}],"predecessor-version":[{"id":21164,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21127\/revisions\/21164"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/21128"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=21127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=21127"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=21127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}