Citigroup ‘eyes China brokerage unit licence’

Citigroup (C) awaits final approval for a wholly owned brokerage license in China, expected by September 2026. The bank plans to double its headcount and expand services to include A-share brokerage, underwriting, and research. This move aligns with Citi's OneCiti strategy to increase its investment-banking wallet share in China. Other global banks like JPMorgan (JPM) and Goldman Sachs (GS) have also strengthened their presence in China's securities market.

Citigroup is reportedly close to securing a Chinese regulatory licence for its fully owned brokerage in mainland China, with approval potentially coming this month. The bank plans to expand the unit to about 100 employees by year-end, focusing on A-share brokerage, underwriting, and research. Citi aims to leverage its existing relationships for equity and M&A work in sectors like technology and healthcare. According to Reuters, the bank has been preparing for this launch over the past two years.

Citigroup expects regulatory approval for its wholly-owned China brokerage business by September 2026, aiming to double staff to 100. This move intensifies competition with JPMorgan, Goldman Sachs, and Morgan Stanley in China's growing securities market. Citi plans to offer A-share brokerage, underwriting, and research services, leveraging its existing client base.

Citigroup Inc. is being sued by Franceska Herrera for allegedly using tracking pixels to intercept website visitors' communications without consent, according to Top Class Actions. The complaint claims the bank used the data for behavioral profiling and targeted advertising, violating privacy laws. Herrera seeks damages and injunctive relief. Similar lawsuits have been filed against other companies.

Citigroup is adding Elizabeth McElherne and Michelle Pryor to its wealth management business. McElherne, with 17 years of experience, will lead the AIMS platform. Pryor will head the investment counselor team for the Central Region. Citi's wealth revenue grew 13% YoY to $3.2B in Q2 2026, with net income up 51% to $583M, marking nine consecutive quarters of growth.

G20 members endorsed responsible digital asset innovation, emphasizing economic growth and clear regulatory pathways. They await Financial Stability Board findings on stablecoins and cross-border payments. 21 banks, including Goldman Sachs (GS), Citi (C), and Bank of America (BoFA), plan to launch a stablecoin enterprise by 2027, complying with U.S. and EU regulations. Circle (CRCL), issuer of USDC, saw a 1% price drop in pre-market trading.