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Citigroup to take on 500 staff members

Citigroup is set to hire more than 500 new members of staff in the next few years, it has been revealed.

The Financial Times reports that the lender is looking to take on the bankers and traders in a bid to strengthen its securities business.

It is also hoped the uptake will enable the bank to catch up with other institutes after it lost significant ground as the financial downturn began to take hold.

According to the newspaper, one of the primary goals of the group is to improve its offerings with regards to investment banking and trading.

President of Citigroup John Havens noted the move is part of the organisation's attempts to put the last few years behind it and added: "As a bank we are in a position to serve our clients wherever they are and that is something not many of our competitors can say."

The bank recently reported a slight decline in its first-quarter earnings when it experienced a 32 per cent drop on previous figures.

By Asim Shah