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Cut Citi industrials chief in Hong Kong re-emerges at Santander

If you’re in the oddly specific position of being a managing director (MD) cut from Citi in Hong Kong, have no fear; it turns out you can find a new job pretty quickly.

David Jiang, who was part of Citi’s 1,600 strong job cut program back in June, has just resurfaced at Santander in Hong Kong. 

Jian spent five years at Citi as an MD after joining from UBS in 2018. He became Citi's co-head of industrials banking in 2021 and has joined Santander as head of auto and technology for the APAC region 

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Citi’s cuts aren't over yet.  The bank wants to cut down on its management layers – from the current 13 to just 8 – as well as eliminate 60 “net committees” in phase one. It’s aiming to save “tens of thousands of people hours annually,” said CEO Jane Fraser.

Santander, on the other hand, has been recruiting merrily, and making the most of bankers let go from elsewhere. Credit Suisse people have been its prime targets – and generous compensation packages have been part of its recruitment strategy. 

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AUTHORZeno Toulon

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