In a move that surprised many in the financial industry, Citigroup’s global head of banking for China, Steven Sun, has resigned after less than a year in the role..
Sun, who was based in Hong Kong, joined Citigroup in 2018 from Deutsche Bank. He was responsible for overseeing the bank’s corporate and investment banking operations in China, including its lending, advisory, and capital markets businesses..
Citigroup declined to comment on Sun’s departure, while Sun could not be immediately reached for comment..
Sun’s resignation comes at a time when Citigroup is facing increasing competition from Chinese banks in its home market. The bank has also been hit by a number of high-profile departures in recent months, including its global head of investment banking, Ray McGuire, and its global head of technology and operations, Gordon Smith..
It is unclear who will replace Sun as Citigroup’s global head of banking for China. However, the bank is likely to face a tough challenge in finding a replacement who can match Sun’s experience and expertise..
Sun’s resignation is the latest in a series of high-profile departures from Citigroup in recent months. In December, the bank’s global head of investment banking, Ray McGuire, left to join Guggenheim Partners. In January, the bank’s global head of technology and operations, Gordon Smith, left to join JPMorgan Chase..
These departures come at a time when Citigroup is facing increasing competition from Chinese banks in its home market. The bank has also been hit by a number of regulatory and legal challenges in recent years..
It is unclear what impact Sun’s resignation will have on Citigroup’s business in China. However, the bank is likely to face a tough challenge in finding a replacement who can match Sun’s experience and expertise..
Sun’s resignation is a reminder of the challenges that foreign banks face in competing with Chinese banks in China. The Chinese banking sector is dominated by a handful of large state-owned banks, which have a deep understanding of the local market and a strong track record of supporting Chinese companies..
Foreign banks have been trying to increase their presence in China in recent years, but they have faced a number of challenges, including regulatory restrictions and competition from Chinese banks..
Despite these challenges, foreign banks remain committed to China. They see China as a key growth market, and they believe that they can offer unique products and services to Chinese companies..
It remains to be seen whether Citigroup can overcome these challenges and succeed in China. However, the bank’s recent departures are a reminder of the tough competition that it faces in the Chinese market..
