Citigroup Inc.'s comeback plan includes the beefing up of its investment banking business in the first half of 2011.

The New York-based bank is looking to hire investment bankers outside the U.S. with as many as 20 managing directors and executive directors in London, according to Bloomberg. Some other areas where this hiring reportedly will happen is in emerging markets in Russia, Turkey and the Middle East.

Citigroup's investment banking unit has been weakened over the last couple of years because of layoffs attributed to the 2008 economic meltdown. Lately, however, Citigroup's i-banking team has been involved in some prominent deals. It co-managed Kinder Morgan Inc.'s Feb. 11 $2.86 billion IPO. (See The Deal Pipeline story, subscription required.) Meanwhile, Ally Financial Inc. hired Citigroup as one of three banks to manages its upcoming IPO. (See The Deal Pipeline story, subscription required.)

The addition of investment bankers overseas follows Citi's announcement in November that it will also hire about 200 bankers by the end of 2011 to focus on the U.S. small banking sector.