Citi poaches JPMorgan executive Raghavan

Citigroup hired JPMorgan Chase’s Viswas Raghavan as head of banking and executive vice chair, poaching from a key rival as CEO Jane Fraser presses ahead with the bank’s biggest restructuring in decades.
Raghavan, who is expected to start at the bank in summer, will also join the firm’s executive management team and report directly to Fraser, Citigroup said in an internal memo on Monday.
Raghavan, who is of Indian origin, was recently promoted to head of global investment banking at JPMorgan after serving as a co-head since 2020. He previously led investment & corporate banking in Europe, Middle East and Asia.

In his new role, Mumbai-educated Raghavan will run one of the bank’s five core businesses, responsible for investment, corporate and commercial banking. Citigroup has been looking for a banking head since Fraser reorganised the firm in Sept in a move designed to propel the company from a banking underdog to one competitive with its more profitable peers.
With Raghavan, Fraser is getting access to a seasoned dealmaker. In her bid to improve returns, she has shown she’s willing to look outside Citigroup’s ranks to secure top talent, adding Bank of America’s Andy Sieg to lead her burgeoning wealth business last year.
“Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm,” Fraser said in the memo. “Vis is the right person to take over at this pivotal moment for our banking franchise.”
As Citi announced Raghavan’s appointment, JPMorgan elevated Doug Petno and Filippo Gori to lead global banking.Bloomberg