New York City – Citigroup has made a strategic move by appointing seasoned JPMorgan investment banker Vis Raghavan as head of banking, aiming to revitalize its underperforming business division. Raghavan, a veteran with 23 years of experience at JPMorgan Chase, recently earned a promotion to head of investment banking at his former firm.
Citigroup’s decision to bring Raghavan on board is seen as a significant achievement, with CEO Jane Fraser praising his leadership skills and the firm’s ability to attract top talent. Following Raghavan’s departure, JPMorgan announced the appointment of Filippo Gori and Doug Petno as co-heads of global banking, consolidating its commercial, corporate, and investment banking operations into a unified division.
In a strategic move initiated by Fraser last year, Citigroup underwent substantial restructuring, transitioning from two large business units to five distinct operating divisions. The appointment of a new head of banking marked the final step in this extensive revamp, with the position attracting significant attention and speculation within the industry. While Peter Babej had temporarily filled the role, he is expected to retire this year.
Despite its long-standing presence in the financial sector, Citigroup has consistently trailed behind rivals such as JPMorgan, Bank of America, and Goldman Sachs in investment banking performance. Raghavan’s past experience at JPMorgan, where he held key positions in debt and equity capital markets and oversaw investment banking activities in Europe, the Middle East, and Africa, positions him well to lead the banking division at Citigroup.
Fraser revealed that Raghavan is set to commence his role at Citigroup during the summer, signaling a new chapter for the bank’s banking operations. As Citigroup seeks to strengthen its position in the competitive investment banking landscape, Raghavan’s appointment represents a pivotal step towards achieving this goal. This development is a significant one for both Citigroup and the broader financial industry.