Drago Rajkovic Joins Citigroup as Co-Head of Mergers and Acquisitions

Citigroup has appointed Drago Rajkovic as its new co-head of mergers and acquisitions (M&A), effective September 2025. Rajkovic, who brings over 30 years of advisory experience, previously served as global chairman of M&A at JPMorgan Chase. In his new role, he will work alongside Kevin Cox, splitting his time between New York and San Francisco. This strategic hire, announced via an internal memo from Citigroup's head of banking, Viswas Raghavan, underscores the bank's commitment to strengthening its M&A capabilities.

Rajkovic's extensive experience includes advising on significant deals such as Salesforce’s $8 billion acquisition of Informatica and Hewlett Packard Enterprise’s $14 billion acquisition of Juniper Networks. His appointment is part of a broader effort by Citigroup to revitalize its investment banking division under the leadership of CEO Jane Fraser. Fraser has been implementing a comprehensive restructuring plan aimed at enhancing the bank's competitiveness in the investment banking sector.

Since joining Citigroup in 2024, Raghavan has been actively recruiting top talent to bolster the bank's capabilities. Notably, he has brought on several former JPMorgan colleagues, including Achintya Mangla, who joined Citigroup in September 2024 as head of financing for the investment bank, overseeing global debt and equity capital markets, syndicate, and private capital markets. The addition of Rajkovic continues this trend, reflecting a strategic effort to leverage experienced talent familiar with Raghavan's leadership style and vision.

Under Raghavan's leadership, Citigroup's investment banking division has experienced significant growth. In the first quarter of 2025, M&A fees surged by 84%, indicating a substantial uptick in deal-making activities. The bank has played advisory roles in major transactions, such as Charter Communications’ $21.9 billion merger with Cox Communications and Boeing’s $10.5 billion sale of its Jeppesen unit to Thoma Bravo.

The recruitment of high-profile executives like Rajkovic and Mangla underscores Citigroup's commitment to revitalizing its investment banking division. This strategic focus is likely to enhance the bank's competitiveness in the M&A landscape, potentially leading to increased market share and profitability. Moreover, the movement of top talent between major financial institutions highlights the dynamic nature of the banking industry and the ongoing competition for experienced professionals.

Citigroup's appointment of Drago Rajkovic as co-head of M&A signifies a significant step in the bank's ongoing efforts to strengthen its investment banking division and enhance its competitiveness in the global financial market.