Citigroup expects to secure a license for its wholly owned China brokerage business as soon as this month, according to Reuters, citing two sources, as the U.S. bank expands in China's securities market. The approval may come around the planned late-September meeting between President Xi Jinping and President Donald Trump in Washington. Citi plans to roughly double its workforce to about 100 employees by year-end, adding senior bankers and support staff through internal transfers and external hires, including relocations from Hong Kong and other Asian markets. The new operation will cover A-share brokerage, underwriting, research, and principal trading, adding onshore capabilities to its existing China investment banking business. Citi will compete with U.S. peers JPMorgan, Goldman Sachs, and Morgan Stanley, whose China securities units saw profit surges in 2025.
Citigroup Inc.Citi expects to secure a China brokerage license, expanding its onshore capabilities.
JPMorgan Chase & Co
Goldman Sachs Group Inc
Morgan Stanley
