Citigroup has appointed Zhang Wendong, former head of China investment for UBS, to its China investment banking team, according to reports from the Dow Jones newswire and Reuters. Hiring Wendong is part of Citigroup’s plan to improve its performance in mainland China.
When Wendong was with UBS he helped the Swiss bank become number one in capital market underwrites in China. Meanwhile, Citigroup didn’t make the top ten.
Citigroup has also appointed two new members to its head of investment banking: Zhao Jing, formerly of Morgan Stanley and Albert Ng, who was previously with PricewaterhouseCoopers.