Citigroup Inc. (Citi) has announced the appointment of Wenjie Zhang, a veteran banker with nearly 30 years of experience in corporate and institutional banking, as its new China Country Officer and Head of Banking. According to a company statement, Zhang will also serve as President and Executive Director of Citibank China. His appointment, which takes effect in July 2025, is subject to regulatory approvals.

Zhang’s leadership role comes as Citigroup moves to strengthen its presence in mainland China, succeeding Luke Lu, who departed the firm in November 2024 for personal reasons. Zhang will be based in Shanghai, overseeing the bank’s operations in the region, fostering relationships with regulatory authorities, and enhancing risk management practices. He will report to Marc Luet, Citi's Head of Japan, Asia North, and Australia and Banking.

With a distinguished career spanning several major financial institutions, Zhang was previously President and Branch Manager for Bank of America’s China unit. He has also held senior positions at HSBC China, JPMorgan, Citi, Standard Chartered, China CITIC Bank, and Credit Agricole CIB.

Citigroup’s restructuring in Asia comes amid broader organizational changes, as part of a global strategy to internalize staff for improved risk management and data governance. According to Reuters, the bank is reducing as many as 200 information technology contractor roles in China and Hong Kong in favor of permanent hiring to exercise tighter control over operations and risk.

As part of its China growth strategy, Citi is moving forward with plans to establish a securities unit in mainland China. This expansion is intended to complement its existing banking operations and reinforce its commitment to the Chinese market.

Meanwhile, Citigroup Inc. (traded under ticker symbol "C" on U.S. equity markets) is currently priced at $75.79, reflecting a modest increase of $0.47 (0.01%) from the previous close. The latest open price was $75.16, with an intraday trading volume of 6,458,728 shares. The stock’s price fluctuated between an intraday high of $75.895 and a low of $74.32. The most recent trade was recorded at 19:41:48 UTC on Monday, June 2.

Zhang’s appointment underscores Citi’s ongoing shift towards a more robust local presence in China, as the bank seeks to navigate regulatory requirements and market opportunities in one of the world’s largest economies.