Citi Moves Equities Staff Out of Hong Kong Amid Covid Woes

Citigroup Inc. is moving half a dozen senior equities staff from Hong Kong to Singapore and other markets, in one of the biggest signs yet the Chinese territory’s steadfast zero-Covid approach is prompting global banks to shift key staff out of the Asian financial hub.

Lee McQueen, head of pan Asia equity blocks, is among managing directors relocating to Singapore, following a recent move by Sue Lee, the region’s head of equity derivatives distribution, people familiar with the moves said, asking not to be identified discussing an internal matter. Another four to five directors, including Kevin Zolkiewicz, head of futures execution for Asia-Pacific, Rob McVie, who focuses on prime finance, as well as Abhishek Choudhary, head of equity execution advisory in the region, are in talks to transfer to Singapore, the people said.