Citi Names Matthew Hung as New Hong Kong Corporate Banking Head
By Sherry Qin
Citigroup has named Matthew Hung as its head of corporate banking for Hong Kong amid an ongoing global restructuring to streamline operations.
Hung will replace Joy Cheng, who was appointed as Citi's head of commercial bank for Hong Kong in February. Hung's appointment will take effect on Aug. 19, according to a Citi statement.
Hung will be responsible for driving the performance and strategy of Citi's corporate banking business in Hong Kong. He previously served as HSBC's head of corporate coverage for Hong Kong.
"His track record of working on various strategic advisory and financing transactions for blue chip companies, along with his strong client relationships, will be a great addition to Citi's leading corporate banking franchise," said Kaleem Rizvi, head of corporate bank for Japan, North Asia and Australia.
Citi has spent the past several months eliminating management layers and simplifying its businesses, resulting in cuts of 5,000 positions. Citi has other cost-cutting initiatives planned, and in time expects to shrink its overall workforce by 20,000 by 2026.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
June 24, 2024 01:37 ET (05:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks