HONG KONG – Citigroup announced on Monday the appointment of Wenjie Zhang as its new Country Officer and Head of Banking for China, following the departure of former China chief Luke Lu in November.
Zhang has also been named President and Executive Director of Citibank China, pending regulatory approval, the company said in a statement.
In his new role, Zhang will serve as Citi’s primary representative in mainland China, overseeing operations, maintaining strong regulatory relationships, and ensuring sound risk management.
He is set to assume the position in July, based in Shanghai, and will report to Marc Luet, Citi’s Head of Japan, Asia North and Australia and Banking.
With three decades of experience in corporate and institutional banking, Zhang previously served as President of Bank of America China and Head of its Shanghai branch. His career has also included senior roles at HSBC China—where he was Co-Head of Global Banking and Executive Vice President—as well as positions at JPMorgan, Citi, and Crédit Agricole CIB.
Meanwhile, Citi is reportedly laying off up to 200 IT contractors in China, according to sources cited by Reuters last month, as the bank moves to internalize tech operations globally to enhance risk and data management.
Citi continues to operate its banking arm in China and is currently working on launching a securities unit in the country.
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