Citigroup embarking on equity research expansion

Citigroup plans to hire about 35 research analysts as it expands into four new markets including Brazil, Russia, Dubai, and grows in existing markets such as South Korea and India.

The bank aims to increase its 350 strong research arm by 10 per cent in the second half of this year, on top of the 20 new people it has hired already in Asia this year, the Financial Times reports.

William Kennedy, director of investment research says the fresh recruitment will help Citigroup to increase its market share as the research industry continues to adapt to changing demands from clients.

Kennedy says the most important task for the new analysts will be to produce quality research as Citigroup, now in the top three, aims to become the world's largest equity research provider.