Citigroup appoints industry veteran Gunjan K Kalra as Head of APAC

Citigroup Inc, a multinational investment banking firm, announced the appointment of Gunjan Kathuria Kalra as its Head of Corporate and Public Sector Sales & Solutions for the Asia-Pacific region, effective from September 1, 2023. 

Kalra, who is based in Singapore, has been serving the group for more than 20 years as Managing Director for global markets. She will be taking over the responsibility of Rajat Madhok, who has been named as the Global Head of Citi commercial bank credit risk earlier this year. 

Welcoming Kalra on the leadership board, Peter Babej, CEO of Citibank APAC said, ‘The business is a centrepiece of Citi’s strategy across Asia-Pacific. It serves firms with annual revenue ranging from US$10 million to US$3 billion, with cash management, trade and financial lending across 11 markets in Asia. Asia made up 41 per cent of the division’s US$2.7 billion of revenue in 2021, the biggest share globally.”

Kalra becomes the first-ever female to hold this position at Citigroup APAC. The position was previously exclusively held by four males, including Madhok, who was based in Hong Kong.

In June 2023, Citigroup announced plans to lay off about 5,000 roles, in order to recover its stability from the decade-long financial crisis. In the subsequent weeks, there were reports of Citigroup employees facing consequences for not adhering to the rules of the hybrid work model.

Despite these reports, the global investment banking firm plans to hire for the business even as it retreats from retail operations amid a simplification drive under the leadership of CEO Jane Fraser. In the previous year, the company had indicated its intention to hire almost 350 new staff members across Asia for the commercial bank within the following three years, aiming to expedite its growth. The primary focus for these new hires will be in Hong Kong, China, India, and Singapore.