Citi Scores Two Investment Bankers in Asia From Rival

1 min readUpdated May 26, 2025Dec 4, 201911:05 PM

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Citigroup hired two investment bankers from HSBC Holdings in Asia as part of its efforts to strengthen its Chinese real estate advisory business. Kara Wang has joined Citigroup as managing director and co-head of real estate investment banking for Asia, according to an internal memo. The move was confirmed by James Griffiths, Citigroup’s Hong Kong-based spokesman. Dayday Zhou, a director of Wang’s team at HSBC, will join the bank in January, the spokesman added. The latest Citigroup hires will raise the number of Asia corporate and investment banking hires to six since December.

The U.S. bank is hoping to bolster income in the region, its biggest market outside of North America. In the third quarter, Citigroup’s revenue in Asia grew 6% to $4.02 billion from a year earlier. Meanwhile, HSBC is undergoing huge changes as acting chief executive Noel Quinn undertakes cost-cutting and business transformation Citigroup ranks ninth advising share sales by real estate companies in Greater China, down from fifth in the same period last year, according to data compiled by Bloomberg.

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Questions & Answers

What roles will the new hires take on at Citigroup?

Kara Wang has joined Citigroup as managing director and co-head of real estate investment banking for Asia. Dayday Zhou will join the bank as a director in Wang's team, bolstering the Chinese real estate advisory business.

Why is Citigroup making these new hires in Asia?

The bank aims to strengthen its Chinese real estate advisory business and bolster income in the region. Asia is Citigroup's largest market outside of North America, making its growth there a priority.

How has Citigroup's position in the Greater China real estate market changed recently?

Citigroup currently ranks ninth for advising share sales by real estate companies in Greater China. This is a drop from its fifth-place position during the same period in the previous year.

What is happening at HSBC, the previous employer of the new hires?

HSBC is undergoing significant changes under its acting chief executive, Noel Quinn. The bank is currently implementing a strategy focused on cost-cutting measures and broader business transformation efforts.