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Citi Plans to Hire 100 Staffers for Beefed-Up Crypto Division
The bank has also named Puneet Singhvi as head of digital assets for its institutional clients group starting Dec. 1.
By Ian Allison
Updated May 11, 2023, 5:47 p.m. Published Nov 22, 2021, 5:34 p.m.
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Global banking powerhouse Citi is hiring 100 people to beef up its blockchain and digital assets division, according to a person familiar with the bank’s plans.
Citi has also made Puneet Singhvi head of digital assets for the institutional clients group (ICG) at Citi as of Dec. 1, according to a company memo shared with CoinDesk. Singhvi was most recently head of blockchain and digital assets for Citi’s Global Markets team.
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Singhvi will report to Emily Turner, head of business development for the Institutional Clients Group at Citi. Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Global Markets.
“We are focused on assessing the needs of our clients in the digital asset space,” said Citi in an emailed statement. “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.”
The Citi memo shared with CoinDesk said that in addition to the senior roles announced Monday, the company intends to “hire additional talent over the next several months, and will be posting roles across ICG businesses, functions, and the ICG Business Development team.”
Read more: Every Big Bank Will Think About Crypto Trading, Says Ex-Citi CEO
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Some reacted with concerns about dilution for existing shareholders due to the stock price decline and the related-party nature of the transaction.
What to know:
- Nakamoto (NAKA) has agreed to acquire BTC Inc and UTXO Management in an all-stock deal valued $107.3 million.
- Some expressed concerns about dilution for existing shareholders due to the stock price decline and the transaction's related-party nature.
- The merger marks the initial step in Nakamoto’s plan to establish a portfolio of companies that can benefit from Bitcoin’s long-term growth.
