Citi targets Middle East ultra-rich with push to hire private bankers

[DUBAI] Citigroup’s private bank is planning a hiring drive for the Middle East region as part of the Wall Street giant’s global expansion of its services to the ultra-wealthy.

James Holder, who assumed leadership of the unit’s Middle East operations this year, said in an interview that he aims to recruit private bankers to serve territories including Dubai, Saudi Arabia and Abu Dhabi.

Citi has made a series of internal leadership changes to its Middle East private bank since Holder took the reins, including appointing 25-year veteran Carmen Haddad as vice-chair in April. For his next steps, Holder is sniffing out opportunities to poach from rivals, while also keeping an eye on talent in other parts of the bank.

“We are in growth mode, but going to be hiring in a disciplined way,” Holder, 54, said recently in an interview in London, declining to specify hiring targets. “And the Middle East is a great place for us to start.”

Citi is among a growing number of Wall Street firms and other global business seeking to expand their presence in the Middle East, where many countries are undergoing multibillion-US dollar investment programmes in an effort to remake their economies and reduce dependence on oil.

The region has also ranked as one of the world’s hottest markets for stock listings in recent years and is welcoming an influx of well-heeled individuals from overseas often seeking lower taxes and a better lifestyle. Citi ranks among the world’s top lenders for advising on initial public offerings in the Middle East and Africa region, according to Bloomberg data, and Holder’s unit is looking to build on that record.

“What’s going on in the region is a great opportunity for us,” said Holder, who also oversees Citi’s UK and Europe private-banking units. “With our existing presence there, it’s a recipe for us to invest further and gives us the infrastructure and opportunity to scale.”

The private bank is one of three core units of the wealth business at Citigroup, which has revamped its strategy under Bank of America veteran Andy Sieg. He joined Citi in 2023 and revenue for the bank’s wealth unit has since risen amid a focus on increasing investment volumes from clients, who include about a quarter of the world’s billionaires. The wealth business recently posted second-quarter revenue of US$2.2 billion, up 20 per cent from a year earlier.

Holder, a University of Manchester economics graduate who joined Citi in 2005 from Barclays, took on responsibilities for the US lender’s Middle East private bank in addition to the UK and Europe through a January 2025 shake-up that saw the division’s global head Ida Liu depart.

He’s since recruited Philippe Hatzopoulos from UBS Group to join as head of the Greece market for the private bank in September. This month, Mohannad Sleiman was appointed as market head of the Middle East and Omer Bayatli for the same role in Turkey, Israel and Africa after the pair previously held the positions on an interim basis, according to a memo Holder sent to staff, a copy of which was seen by Bloomberg.

“I will certainly be spending more time in the Middle East,” he said. “I could make a case to invest everywhere, but the reality is we have to be focused about how we deploy.” BLOOMBERG