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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.

While we acknowledge the potential of Citigroup Inc. (NYSE:C) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than C and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None.

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When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

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Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

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  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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