Citi Markets to grow Asia rates and prime business headcount by up to 10%

IPO activity has rebounded and Citigroup traders posted their best Q2 period in 5 years.

Citi Markets plans to grow its headcount in its Asia-based rates and prime businesses by 5%–10% through 2026.

This comes as the banks’ prime hedge fund clients in Asia have doubled in the past two years, fuelled by a rebound in initial public offerings (IPOs), Citi Communications said in an announcement.

The bank aims to meet increased demand from clients, including hedge funds, driven by a resurgence in market activity particularly in Hong Kong.

Client flows into Hong Kong and China rose about 30% in H1 2025, Citi Communications said.

Citigroup traders notably posted their best Q2 period in five years, with a record quarter for equities.

Fixed income markets revenues rose by 20% year-on-year (YoY) to $4.3b, which Citi attributed to growth across rates and currencies. It also recorded growth in spread products and other fixed income.

Rates and currencies revenues rose 27% YoY in Q2.

Spread products and other fixed income revenues rose by 3% YoY on higher financing activity and loan growth.

Equity markets revenues rose 6% YoY to $1.6b thanks to prime services. Prime balances rose by approximately 27% during the period, Citi Communications said.