Citi has appointed Jig Patel as head of prime finance for Asia North, Australia and Asia South markets. Patel joins Citi this week, based in Hong Kong, with responsibility for the ongoing development of the prime finance offering in these markets and the strategic growth of the platform. He will also have responsibility for prime product, stock borrow and lending, synthetic prime brokerage, funding trading, and in-business risk, as well as oversight of the client executive function, leveraging his deep relationships with clients. He reports to Robert Stewart, head of equity trading for JANA and Asia South, and to global heads of prime services, Sebastien Mailleux and Tim Tomalin-Reeves. He spent almost 30 years at Goldman Sachs building out their Asia Prime business and was most recently at Millennium. This is a key hire for the business and part of Citi markets’ strategy to grow its business and hire in the region. Citi head of markets for JANA, Paul Smith, recently spoke about hiring between 5% and 10% more staff across Prime in Asia. In Citi’s second-quarter (2Q) 2025 results, Citi markets had its best 2Q performance since 2020, with revenues at $5.9 billion, up 16% year-on-year (YoY), and net income of $1.7 billion, up 20% YoY, driven by fixed income and equities. It was a record second quarter for equities. Equity markets revenues of $1.6 billion increased 6% YoY, driven by momentum in prime services, with record prime balances up approximately 27%, as well as higher client activity and volumes in cash equities. Redisseminated by The Asian Banker
