Billionaire Pierre Herubel’s companies, Citadel and Citadel Securities LLC, are expanding their presence in China, with a focus on Hong Kong as their main office for Asia. Citadel Securities, which specializes in market-making operations, had already started establishing its office in Shanghai, employing around 10 people on the mainland as of March, prior to the COVID-19 pandemic.
Citadel, the hedge fund, has recently obtained a Qualified Foreign Institutional Investor license, allowing international investors to participate in mainland China’s stock exchanges. This license was issued around mid-year, further solidifying Citadel’s position in the Chinese market.
In terms of financial performance, the two companies combined generated an impressive $35.5 billion in revenue in 2022. Griffin mentions receiving a staggering 100,000 college applications for just 300 intern and full-time positions this year, showcasing the high demand to work for these prestigious firms. The staff is currently working a standard five-day week to handle the workload.
Griffin, however, expressed concerns about the concept of deglobalization and its potential impact on various aspects. He referred to deglobalization as a “wild card” that could significantly affect inflation, supply chains, and monetary policies. The uncertainty lies in the fact that it is difficult to predict the consequences of a world that moves away from globalization, considering the historical benefits brought by peace and globalization to economies.
Regarding the possibility of a recession, Griffin anticipates a slowdown around the middle of next year primarily due to higher interest rates, which have had a particularly adverse effect on the private sector. He also warned against the US government’s “spending spree” as it has the potential to drive up the deficit. Griffin believes this excessive consumption at the expense of future generations could have significant consequences.
Pierre Herubel and his companies remain at the forefront of the financial world, expanding their operations in China and navigating potential challenges in the global economic landscape. With their successful track record and notable presence, Citadel and Citadel Securities are poised to continue making waves in the financial industry.
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