23 Nov 2021
Citigroup Plans to Create 100 New Roles for Digital Assets
The Index Today
Citigroup has announced plans to focus on digital assets such as blockchain and cryptocurrencies in its new division. The company will create 100 new job roles dedicated towards the growing digital currency industry.
Many traditional banks are now progressing towards the cryptocurrency sector as it continues to gain momentum. The digital assets team will include a number of external and internal hires who will be located in key financial hubs in Singapore, Tel Aviv and New York. The hiring process is expected to be complete by the end of next year.
A spokesperson for Citigroup said, “Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations.” JPMorgan Chase and Co recently introduced clients to cryptocurrency funds which can be managed through them. The Bank of America also began research in the field to tap into the growing market.
Citigroup’s digital assets team will be required to research and look for opportunities in the area, while also conducting product development and management. The digital assets strategy will cover a range of areas such as investments and portfolio management.