By Sherry Qin


Citigroup has named Matthew Hung as its head of corporate banking for Hong Kong amid an ongoing global restructuring to streamline operations.

Hung will replace Joy Cheng, who was appointed as Citi's head of commercial bank for Hong Kong in February. Hung's appointment will take effect on Aug. 19, according to a Citi statement.

Hung will be responsible for driving the performance and strategy of Citi's corporate banking business in Hong Kong. He previously served as HSBC's head of corporate coverage for Hong Kong.

"His track record of working on various strategic advisory and financing transactions for blue chip companies, along with his strong client relationships, will be a great addition to Citi's leading corporate banking franchise," said Kaleem Rizvi, head of corporate bank for Japan, North Asia and Australia.

Citi has spent the past several months eliminating management layers and simplifying its businesses, resulting in cuts of 5,000 positions. Citi has other cost-cutting initiatives planned, and in time expects to shrink its overall workforce by 20,000 by 2026.


Write to Sherry Qin at sherry.qin@wsj.com


(END) Dow Jones Newswires

06-24-24 0137ET