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Citigroup has appointed top JPMorgan investment banker Vis Raghavan as head of banking, completing its new management team and attempting to jump-start an underperforming business.
Raghavan is a 23-year veteran of JPMorgan Chase and had been promoted to head of investment banking last month.
Citi touted the hire as a coup, with chief executive Jane Fraser saying: “Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm.”
Shortly after Raghavan’s move to Citi was announced, JPMorgan, the largest investment bank globally, sent a memo to employees announcing that Filippo Gori and Doug Petno would become co-heads of global banking, a new division encompassing its commercial, corporate and investment banking businesses.
The hire is the final staffing move as part of a big restructuring by Fraser last year, which shifted Citi from having two large business units to five operating divisions.
The head of banking job had been one of the industry’s highest profile vacancies with intense speculation over who would fill it. Peter Babej had been in the job on an interim basis but is expected to retire this year.
Citi has consistently lagged behind investment banking rivals JPMorgan, Bank of America and Goldman Sachs.
Raghavan joined JPMorgan in 2000 and previously held senior roles in the lender’s debt and equity capital markets businesses, and also ran investment banking in Europe, Middle East and Africa.
Fraser said Raghavan would start at Citi in the summer.
This is a developing story
