Citigroup Gives Extra Day Off in Hong Kong, Sees Beating Targets

(Bloomberg) -- Citigroup Inc. will give all its staff in Hong Kong an extra day off next year, saying it’s on track to surpass revenue targets even as pro-Democracy protests roiled the city over the past six months.

In a memo to staff seen by Bloomberg on Friday, the U.S. bank’s local chief executive officer, Angel Ng, thanked the staff for working through “extreme difficulty.”

“Many of you went the extra mile to ensure that our operations and services remain uninterrupted during disruptions,” she said in the memo, which was confirmed by a spokesman at the bank.

The financial hub is the bank’s fourth biggest market globally by revenue. Deal making in the city has persevered during the unprecedented turmoil, highlighted by a massive listing last month by Alibaba Group Holding Ltd., even as Hong Kong’s economy has plunged into a recession.

Ng said in the memo that the bank’s Hong Kong business is on track to beat revenue targets in the fourth quarter and in the full year. Third quarter revenue rose 8%, driven by 10% increase in average deposits while loans rose 6%, according to separate memo from Ng in October.

Strain has been felt by banking staff across the city, with frequent demonstrations largely shutting its downtown financial area. Citigroup was directly affected when one of its investment bankers was detained following a scuffle with police.

Competitor HSBC Holdings Plc, which employs about 21,000 of people in the city, is also giving its local employees an extra day off next year.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Jonas Bergman, Jun Luo

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