Citi Engages Puneet Singhvi To Build ICG Digital Assets Team With More Employees

  • Citi has appointed a new head of digital assets for its group of institutional clients.
  • Puneet Singhvi, a veteran of the company’s global markets division, will lead the team from December 1.
  • Singhvi’s team will explore new products, customers and investments related to digital assets.

Citigroup on Monday appointed a new head of digital assets within its institutional client group (ICG), a reflection of how Wall Street banks are increasingly dipping their toes into the exploding crypto market.

The bank has hired Puneet Singhvi, formerly the head of blockchain and digital assets within its Global Markets division, to lead its digital assets team. According to an internal memo, he will be responsible for working with other senior colleagues across all business areas within the ICG to “pursue digital asset opportunities, including new products, new customers and new investments.”

The memo — by Emily Turner, head of business development for Citi ICG — also said Citi plans to “take on additional talent in the coming months” to bolster its new digital strategy. Singhvi will start in his new role on December 1, reporting to Turner.

Citi’s group of institutional clients includes services ranging from investment and corporate banking, markets and securities to private banking, which manages the portfolios of highly wealthy individuals.

“We are focused on assessing our customers’ digital asset needs,” a company spokesperson said in a statement to Insider on Monday. “Before offering products and services, we study these markets, as well as the changing regulatory landscape and associated risks, to meet our own regulatory frameworks and supervisory expectations.”

The ICG’s push into space comes as demand for crypto and crypto products grows.

Recently, Goldman Sachs recruited a former Facebook exec to serve as head of public policy for digital assets, working with political power brokers in Washington, DC — another sign of the growing importance of digital assets on Wall Street. Here’s Insider’s full rundown on how Wall Street’s top banks, including Citi, are approaching digital asset products and services.

Read Citi’s full memo announcing the appointment of its new ICG head of digital assets

To: ICG colleagues

From: Emily Turner

CC: Stuart Riley and Biswarup Chatterjee

Re: ICG Business Development Organizational Announcement: Puneet Singhvi

As announced last week, we are adding senior roles to the ICG Business Development team to help build and shape the future of the ICG.

We believe in the potential of blockchain and digital assets, including the benefits of efficiency, instant processing, fractionation, programmability and transparency. To lead the ICG efforts in this area, Puneet Singhvi will join the ICG Business Development team on December 1 as ICG Head of Digital Assets reporting to me with a matrix reporting line to Stuart Riley. Puneet joins the team at Global Markets, where he most recently served as the head of Blockchain and Digital Assets, leading many of Citi’s fundamental moves in the blockchain and digital asset space, as well as Citi’s relationships with major financial market infrastructure providers. Prior to his role in Global Markets, Puneet led sales, business development and product teams in Global Markets and Securities Services and Treasury and Trade Solutions (TTS).

Puneet will build the ICG Digital Assets team and work closely with colleagues within the respective ICG companies leading blockchain and digital assets to identify and develop digital asset products and capabilities. The ICG Digital Assets team will provide content expertise, product development, project management and, most importantly, outline a clear strategy on where and how ICG should pursue digital asset opportunities, including new products, new customers and new investments. To inform this strategy, Puneet and his team will focus on engaging with key internal and external stakeholders, including customers, startups and regulators.

ICG’s digital asset efforts are a continuation of our work with blockchain and are consistent with our strategy to explore emerging technologies, collaborate with partners to develop solutions, and implement new capabilities enabled by robust governance and controls. As such, Puneet’s team will lead ICG-wide digital asset governance and work closely with our second and third line.

Shobhit Maini and Vasant Viswanathan become co-heads of Blockchain and Digital Assets for Global Markets reporting to Biswarup Chatterjee with a matrix report to Puneet. The TTS Head of Digital Assets and the Securities Services Digital Asset lead will also report matrix to Puneet.

In addition to the senior roles announced today, we plan to hire additional talent in the coming months, and will place roles in ICG companies, functions and the ICG Business Development team to centralize and provide a consistent framework, provide required resources and expertise in digital assets. If you are interested in exploring these opportunities, please visit Citi Careers or contact one of the above team members.

Join me in congratulating and supporting Puneet, Shobhit and Vasant in their new roles.— Emily

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