Citigroup is building "a talent warehouse for Africa"

Vikram Pandit could not have been clearer. The CEO of Citigroup, the third biggest US bank by assets, said his plan is to reallocate resources to emerging markets. "Let me tell you where the growth is," he said announcing a 74% rise in third quarter earnings. "It is coming from the emerging market consumer, who is going to be the new driver of global economic growth. Citi in is 100-plus countries, and we have been in many of them for over 100 years. No other bank has the footprint we do. So we are in exactly the right places and we are looking forward to that being a big driver of our future."

In the past year Citi has added 9,000 employees to its payroll, a 3.5% rise and a 6% increase in costs. But now the bank is trying to save about $2bn in expenses a year, so in mature markets where conditions are challenging it will trim businesses and limit hiring to "filling positions we believe are critical to the line of business or function," according to spokeswoman Shannon Bell.

In emerging markets, however, it is a different story. In China, for example, Citi plans to more than double its staff to 12,000. Another one of Pandit's "right places" is Africa, where Citi is very keen to boost its presence. Citi has a defined growth strategy in all emerging markets including Africa, where we plan to grow substantially," says Cindy Erasmus, HR head for Africa. "We want to build up our talent warehouse across the board."

This will be done partly through internal moves, especially of senior staff, but mainly through finding local candidates. "We have a programme to find Africans across the world studying at post-graduate or MBA level, we house and train them for a year then deploy them back in their home countries," says Erasmus. "With the growing crisis in Europe and the US it is easier to persuade people to move back to Africa than it previously was. Africa is now viewed as a growth market in its own right with great opportunities."

There is a lot of competition for top talent, but Erasmus insists that, "Citi has an extremely strong, aspirational brand in Africa, so we attract individuals who are looking for good training and development, mobility and career opportunities."

Citi's search is done both in-house and through agencies and in all African countries where the bank has a presence, with a particular focus on South Africa, Kenya, Algeria and Nigeria. Citi recently advertised for a South Africa-based executive recruiter charged with the "building of a talent warehouse for Africa" and has now narrowed the choice down to a shortlist of a few individuals. "All locals," Erasmus says