Citi Anticipates Approval for China Brokerage License This Month, Sources Reveal

The Citigroup logo is showcased in an illustration from December 1, 2025. According to sources, Citigroup expects to secure regulatory approval for its wholly-owned brokerage business in China as early as this month, with plans to significantly increase staffing over the coming months. This long-anticipated approval may coincide with Chinese President Xi Jinping's scheduled visit to Washington, where he will meet U.S. President Donald Trump later in September. The anticipated approval has not been previously reported. Citi, which has been active in corporate and institutional banking in China, applied for its brokerage license in late 2021 as part of a strategy to enhance its presence in the world's second-largest economy, with plans to roughly double its China workforce to about 100 by year-end. The proposed expansion will position Citi to compete with Wall Street leaders like JPMorgan, Goldman Sachs, and Morgan Stanley in the growing onshore securities trading market. Despite ongoing geopolitical tensions, Beijing has been loosening access for foreign firms in its lucrative financial sector. Citi's recruitment initiative will include both internal and external hires, with plans to relocate staff from Hong Kong and other Asian markets. The firm aims to offer A-share brokerage, underwriting, research, and trading services, complementing its existing offshore investment banking operations. The focus will be on sectors such as technology and healthcare, aiming to engage with established corporate leaders and emerging companies in China's dynamic market. As Citi gears up for this expansion, they also announced a broader 25% increase in headcount across South Africa, Europe, and Asia to cater to North Asian clients' banking requirements. The entrance into the competitive Chinese market comes as some foreign financial entities retreat due to the challenging business landscape, highlighting the strategic nature of Citi's ambitions under CEO Jane Fraser’s leadership.