"We are attracting the best, and we can get whoever we want. Going forward, quality of hires over quantity will be our focus. Yet the bank is at a pivot point and hopes to increase its number of MDs by roughly 15% to extend its coverage reach and boost productivity."
"The firm's banking unit has hired 60 managing directors from 20 different institutions since the beginning of last year, Viswas Raghavan, Citi's head of banking and executive vice chair, said at investor day. Around half of those hires have been in the US, he added."
"Citi will measure and reward those who deliver, a message that echoes some of CEO Jane Fraser's January memo about leveling up and getting rid of old, bad habits. In its first-quarter earnings release, Citi said operating expenses in its banking unit rose 20% to $1.2 billion, driven partly by higher compensation and head count."
Citi's head of banking, Viswas Raghavan, announced plans to increase the bank's managing directors by approximately 15% as part of a strategic talent acquisition initiative. Since the beginning of last year, Citi has successfully recruited 60 managing directors from at least 20 different institutions, with roughly half joining in the US. Raghavan emphasized that the bank operates with a leaner deal team compared to competitors and is at a pivot point to extend coverage reach and improve productivity. The bank prioritizes quality over quantity in hiring decisions and focuses on rewarding high performers. Citi's banking unit experienced a 20% rise in operating expenses to $1.2 billion, driven by higher compensation and headcount, while revenues grew 15% to $1.8 billion, primarily from increased investment banking fees.
Read at www.businessinsider.com
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