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

Citigroup has appointed Guillermo Baygual, a veteran banker with over 25 years at JPMorgan Chase, as co-head of its mergers and acquisitions (M&A) division. Baygual previously served as the global co-head of JPMorgan's infrastructure and strategic investors group.

This strategic hire aligns with Citigroup's ongoing efforts to bolster its investment banking capabilities under Viswas Raghavan, a former JPMorgan executive who joined Citi in 2024. Raghavan has been instrumental in attracting top talent to strengthen the bank's position in the competitive M&A landscape.

In the first half of 2025, Citigroup ranked fourth globally for M&A revenue and fifth in overall investment banking revenue, according to Dealogic data. The bank has been involved in several high-profile deals, including advising on Charter Communications' acquisition of Cox Communications and Sycamore Partners' deal to take Walgreens Boots Alliance private.

The appointment of Baygual comes amid expectations of a resurgence in dealmaking activity later this year, as companies begin to look beyond economic uncertainties such as tariffs and antitrust challenges. Citigroup's proactive recruitment strategy positions it to capitalize on this anticipated uptick in M&A transactions.

Citigroup's recent financial performance reflects its strategic initiatives. In the second quarter of 2025, the bank reported revenues of $21.7 billion, an 8% increase year-over-year. Net income rose 25% to $4.0 billion, while earnings per share grew 29% to $1.96. The bank's Return on Tangible Common Equity (RoTCE) reached 8.7%, a 150 basis point improvement from the previous year.

Citigroup's investment banking division has shown significant growth. In the first quarter of 2025, the bank's M&A revenue nearly doubled, contributing to a 12% increase in overall investment banking revenue. This growth was driven by successful deals such as advising Charter Communications on its $21.9 billion merger with Cox Communications and Boeing on its $10.5 billion sale of Jeppesen to Thoma Bravo.

The bank's strategic direction includes a focus on high-value advisory services, particularly in sectors requiring complex financial structuring. Baygual's extensive experience in infrastructure and strategic investments is expected to enhance Citigroup's M&A advisory services in these areas.

Citigroup's proactive recruitment strategy, including the appointment of Baygual, positions the bank to capitalize on the anticipated resurgence in M&A activity. This strategic move underscores Citigroup's commitment to strengthening its investment banking division and enhancing its competitive position in the financial industry.