Citi set to deepen China push with brokerage license in sight - report

Citi anticipates obtaining regulatory approval for its wholly-owned China brokerage division by this month, with plans to hire additional staff over the coming months. This approval might be granted around the same time as President Xi Jinping's visit to the United States in late September to meet with President Donald Trump. This news is new and has not been previously reported.

The US bank, which offers various banking services in China, applied for the brokerage unit licence in late 2021 as part of its strategy to strengthen its presence in the world's second-largest economy. Citi anticipates doubling its headcount to approximately 100 people by the end of this year. The growth will put Citi in competition with other licensed Wall Street firms, such as JPMorgan, Goldman Sachs, and Morgan Stanley, for a share of the expanding and lucrative onshore securities trading and underwriting deals.

This expansion comes at a time when China is experiencing a surge in technology and other companies seeking funding from domestic equity markets and attracting increased investments into the stock markets.