Citigroup hires UBS's Wendong

8 January 2007

Citigroup has hired the former head of China investment for UBS, Zhang Wendong, as part of its China investment banking team, according to reports.

A memo seen by both Dow Jones newswire and Reuters suggests that the appointment has been made, as part of efforts to improve Citigroup's performance in mainland China.

Mr Wendong had previously been the main UBS representative in Beijing, helping the Swiss bank become number one in capital markets underwriters in the country.

Citigroup, meanwhile, did not even make the top ten as it struggled to compete with its banking rivals.

The bank has seen some significant appointments in its Chinese operations recently, with both head of investment banking Zhao Jing and Albert Ng recruited from Morgan Stanley and PricewaterhouseCoopers respectively.

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