Citigroup Appoints New China Banking Head

On June 2, Citigroup Inc. (NYSE:C) confirmed the appointment of Wenjie Zhang as its new country officer and China banking head. He is taking over following Luke Lu’s exit in November last year. He will fill the new role starting in July and be based in Shanghai. Zhang will also double up as the president and executive director of Citibank China.

A view of a busy banking hall, customers engaging with banking staff to conduct their financial transactions.

Zhang joins Citigroup with over 30 years of experience in corporate and institutional banking. Before his appointment, he was Bank of America’s president for China and Shanghai branch manager. He has also served as the co-head of global banking and executive vice president at HSBC China.

Zhang is tasked with spearheading Citigroup’s efforts in the mainland China market. In addition to leading the bank’s team in the region, he will also have to foster strong regulatory relationships while overseeing risk controls. His appointment comes when Citigroup plans to cut up to 200 information technology contractor roles in China.

The cuts come as Citigroup looks to hire its own information technology officer’s staff globally.  The bank plans to improve risk management and data governance following the cuts. Even as Citi cuts IT contractor roles in China, it plans to set up a securities unit there.

Citigroup (Citi) is a financial services company that provides a wide range of products and services to clients worldwide. Its services include banking, credit cards, investment banking, and asset management, serving individual customers, corporations, and governments.

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