Citigroup Inc., the third-largest U.S. lender, plans to hire about 500 people globally, including bankers and traders, to bolster its institutional clients unit.

The additions are “part of a multi-year effort, across all businesses and geographies” within the division, spokeswoman Danielle Romero-Apsilos said today in an e-mail. The institutional clients unit includes investment banking, trading, transaction processing and the firm’s private bank, which manages money for affluent customers.

Citigroup aims to rank among the top three firms in most product areas, the Financial Times cited Chief Operating Officer John Havens as saying in an interview, in an article published earlier today. Romero-Apsilos confirmed the quote, and declined to comment further.