HONG KONG – Citigroup plans to grow its investment banking workforce in Japan by 10% to 15% over the next year and make additional hires in Australia, as part of its broader strategy to scale up in the Asia Pacific, said its regional investment banking head.
The expansion comes on the back of surging interest in cross-border mergers and acquisitions (M&A) in Japan, where Citi’s investment banking fees have jumped 140% to US$92 million as of July 10, compared to the same period last year, according to Dealogic data.
“We’re making significant investments in strengthening our regional investment banking team,” said Jan Metzger, Citi’s Asia Pacific head of investment banking. “We’re targeting high-growth markets and aiming to outpace that growth.”
Citi did not break down headcount plans by market, but Metzger noted that Japan will be a key focus due to ongoing corporate governance reforms, regulatory encouragement for companies to enhance market value, and a robust pipeline of advanced tech capabilities.
The bank recently advised Nippon Steel on its US$14.9 billion acquisition of U.S. Steel, a deal Metzger says has sparked increased client interest. “Our phones have been ringing non-stop from companies looking to navigate complex geopolitical transactions,” he added.
Citi has already strengthened its Asia team with senior hires this year, including Akira Kiyota from Nomura in Japan and Philippe Perzi, a former Goldman Sachs banker, in Australia.
Globally, Citi saw a 13% rise in investment banking fees in the second quarter of 2025.
Deal Momentum Builds in Japan and Australia
Japan is leading Asia’s M&A recovery this year, recording US$232 billion in deals in the first half of 2025. Bankers expect the momentum to continue, driven by take-private deals, outbound M&A, and growing private equity activity.
In Australia, an uptick in international deal activity is giving global banks an advantage over boutique advisory firms. Metzger said Citi’s full-service banking offering enhances its competitiveness in the Australian market.
Another growth area for Citi in Asia is convertible bond issuance. The bank recently helped Alibaba raise HK$12 billion (US$1.5 billion) through an exchangeable bond deal.
Investor demand for convertible bonds has risen, particularly from Chinese tech firms, as they provide downside protection amid geopolitical uncertainty, Metzger noted.
