Citi asks two Japan bankers to rethink quitting in talent war

Citi asks two Japan bankers to rethink quitting in talent war

In an effort to retain key talent, Citi has reportedly reached out to two prominent Japan bankers who had been considering leaving the company. This move comes amidst an intense talent war in the Japanese financial sector, where top professionals are highly sought after by various institutions. The appeal by Citi underscores the company's commitment to maintaining its competitive edge in the region.

According to internal sources, the two bankers, who have been instrumental in Citi's Japan operations, were approached by the company to reconsider their decisions to leave. The bankers, known for their expertise in areas such as corporate finance and risk management, are seen as critical assets for Citi's expansion and growth strategies in Japan.

The talent war in Japan's financial sector has been particularly intense, with companies vying to attract and retain top talent. This competition has led to significant increases in salaries and benefits, as well as the offering of attractive career advancement opportunities. Citi's appeal to the two bankers highlights the company's willingness to invest in its employees and ensure their long-term success within the organization.

Willis Tower Watson (WTW), a global risk management and insurance brokerage firm, has also been actively expanding its presence in Japan. In a recent move, Willis has hired 22 new professionals across its business, including for its brokerage service entity launched in October last year. This expansion is aimed at enhancing Willis' ability to meet rising demand from companies in Japan through deepened industry expertise, as well as providing insights, data, and analytics to inform and better manage both insurance transactions and wider risk management for its clients [1].

The Japanese general insurance market is projected to grow from JPY11.7 trillion (US$81.1 billion) in 2024 to JPY12.7 trillion (US$93.9 billion) by 2028, at a compound annual growth rate (CAGR) of 2.2% [1]. Japan represents a significant marine insurance market, accounting for 11% of the world's fleet of vessels [2]. Willis' strategic expansion in Japan is aligned with specific market opportunities, including commercial lines growth amid global uncertainty, rising demand for protection against climate change and natural catastrophes, growing cyber threat insurance needs, supply chain disruption coverage, and marine insurance momentum.

References:
[1] https://www.ainvest.com/news/willis-accelerates-growth-japan-talent-expansion-specialty-lines-2508/
[2] Source: International Union of Marine Insurance (IUMI)’s 2024 analysis of the global marine insurance market