Citi Group's Global Head of Wealth Management, Andy Sieg, stated in an interview in Hong Kong last week that the US stock bull market still has further upside potential. He noted that there are no signs of excessive optimism or the frenzied buying behavior typically seen in the late stages of a bull market. Given strong earnings expectations, the bank believes the market has not yet reached a turning point.

Affluent clients continue to hold idle cash and focus on structured notes and similar products to hedge downside risks when entering the market. Sieg emphasized Citi's full commitment to its Citigold business in Asia, which targets clients with assets around $200,000, adding that the bank has no plans to sell this division.

He also highlighted that Chinese clients are driving significant growth in Hong Kong and Singapore, Citi's key Asian wealth hubs. After recent visits to Beijing and Shanghai, Sieg remarked that China's economic dynamism has surpassed pre-pandemic levels, expressing strong confidence in Citi's business prospects in the country.