The stock is trading at a beaten-down level, and there's a transformation plan starting to get underway.
The Wall Street bank joins JPMorgan, Goldman Sachs and others in seeking a deeper foothold in the country after ownership restrictions that were in place for years were lifted.
The bank recently submitted its application to the China Securities and Regulatory Commission and is also applying for a futures license in the coming months, the report said, citing a person familiar with the matter. Citigroup intends to hire around 100 people in mainland China in the next two years to support its expansion onshore, the report said. Citigroup did not immediately respond to a Reuters request for comment outside of business hours.