Citigroup plans to establish an investment banking department in China by the end of the year to further expand its business in China. According to multiple media reports, Citigroup plans to establish a wholly-owned investment banking department in China as early as the end of this year and recruit about 30 employees. The department will focus on the domestic capital market and plans to double the number of employees to nearly 100 in the coming years. This will further expand Citigroup's business in China, as the bank currently has corporate loans and other banking services.