Citigroup Appoints JPMorgan's Guillermo Baygual as Co-Head of M&A Division

Citigroup has appointed Guillermo Baygual, a seasoned executive from JPMorgan Chase, as co-head of its mergers and acquisitions (M&A) division. This strategic hire is part of Citigroup's ongoing efforts to strengthen its investment banking division under the leadership of Viswas Raghavan, who joined the bank in 2024.

Baygual brings over 25 years of experience from JPMorgan Chase, where he most recently served as the global co-head of the infrastructure and strategic investors group. His extensive background in large-scale infrastructure projects and strategic investments positions him well to lead Citigroup's M&A division, especially as the bank aims to expand its presence in the infrastructure sector.

This appointment is part of a broader strategy by Citigroup to bolster its investment banking division. Under Raghavan's leadership, the bank has made several notable hires from JPMorgan, including Achintya Mangla as head of financing for investment banking, Aloke Gupte and Alex Watkins to lead equity capital markets, Drago Rajkovic as co-head of M&A, and Sidharth Punshi overseeing financial sponsors and alternative assets across EMEA. These strategic hires reflect Citigroup's commitment to enhancing its investment banking capabilities and gaining a larger share of the deals market.

As of mid-2025, Citigroup ranked fourth globally by M&A revenue and fifth in overall investment banking revenue, according to Dealogic. The bank has been involved in several high-profile deals this year, such as Charter Communications' acquisition of Cox Communications and Sycamore Partners' deal to take Walgreens Boots Alliance private. CEO Jane Fraser highlighted the strength of the bank’s deal pipeline, noting Citigroup's involvement in seven of the ten largest investment banking transactions of the year.

The appointment of Guillermo Baygual and the broader recruitment strategy signify Citigroup's aggressive push to strengthen its investment banking division. This move is expected to enhance competition among major financial institutions, potentially leading to more innovative financial solutions and better services for clients. Additionally, as Citigroup expands its M&A capabilities, it may play a more significant role in facilitating large-scale mergers and acquisitions, influencing various industries and the broader economy.

In conclusion, Citigroup's strategic leadership moves, including the appointment of Guillermo Baygual, underscore the bank's commitment to enhancing its investment banking capabilities. These efforts are poised to strengthen Citigroup's market position and influence in the global financial landscape.