{"id":218326,"date":"2022-02-01T12:00:24","date_gmt":"2022-02-01T12:00:24","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=218326"},"modified":"2022-02-01T11:10:54","modified_gmt":"2022-02-01T11:10:54","slug":"citigroup-gulf","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/citigroup-gulf\/","title":{"rendered":"Citigroup raises its employees in Gulf ahead of historic IPOs"},"content":{"rendered":"

New York, (Business News Report)| <\/strong>Investment bank Citigroup has increased the number of its employees in the Gulf countries ahead of historic public offering activity during 2022.<\/p>\n

“2021 was a record year, but I actually believe 2022 will be even better,” Miguel Azevedo, Citi’s head of investment banking for the Middle East and North Africa, said in an interview with Bloomberg TV on Monday.<\/p>\n

Azevedo confirmed that his bank will expand employment throughout the region, “we are adding resources all across the region. We are basically in Saudi Arabia and in Dubai and we are adding on both of those.”<\/p>\n

The Middle East witnessed a boom in initial public offerings last year. Abu Dhabi joined the IPOs arena, as the region’s governments sought to diversify their economies away from oil and revitalize capital markets.<\/p>\n

Dubai aims to bridge the gap with Abu Dhabi and Riyadh this year with a set of planned government offerings, which will start with utility company DEWA<\/a>.<\/p>\n

Wall Street banks, from Citigroup to JP Morgan and Goldman Sachs, are also working to seize the opportunity to increase their share in the Gulf markets and expand work teams on the ground. They hope to win advisory roles, in light of the attractive opportunities for capital in the region.<\/p>\n

Citigroup has been in Saudi Arabia since 1955, before exiting in 2004, and returning after 13 years with an investment banking license with the country opening up.<\/p>\n

Azevedo said the war on talent in the banking industry, which has seen corporate temptations balloon, has become a problem in the Middle East as well. But competition is not as bad as it used to be, he said.<\/p>\n

He stressed that Citigroup has managed to attract professional talent in the past few years.<\/p>\n

“If you have a strong institution with a strong values, with the right management, talent will still come to this industry,” Azevedo said.<\/p>\n

“I believe it\u2019s still a very attractive industry to young talent and we are positive on that.”<\/p>\n

On Wall Street, investment banks needed to attract and retain talent as deal-making flourished.<\/p>\n

Remuneration packages in Goldman Sachs and JP Morgan jumped by between 40% and 50%, which contributed to the inflated expenditures of investment banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

New York, (Business News Report)| Investment bank Citigroup has increased the number of its employees in the Gulf countries ahead of historic public offering activity during 2022. “2021 was a record year, but I actually believe 2022 will be even better,” Miguel Azevedo, Citi’s head of investment banking for the Middle East and North Africa, […]<\/p>\n","protected":false},"author":4,"featured_media":218331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[7431,278,1069,7430],"class_list":["post-218326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-citigroup","tag-featured","tag-goldman-sachs","tag-jp-morgan"],"yoast_head":"\nCitigroup raises its employees in Gulf ahead of historic IPOs| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Citigroup has increased the number of its employees in the Gulf countries 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