Citigroup Hires Guillermo Baygual to Bolster Global M&A Division

Citigroup has appointed Guillermo Baygual as co-head of its global mergers and acquisitions (M&A) division, marking a significant step in the bank's ongoing efforts to strengthen its investment banking capabilities. Baygual, a seasoned banker with over 25 years at JPMorgan Chase, most recently served as the global co-head of JPMorgan's infrastructure and strategic investors group.

This strategic hire aligns with Citigroup's broader initiative to revitalize its investment banking division under the leadership of Viswas Raghavan, who joined the firm in 2024 after a long tenure at JPMorgan. Raghavan has been instrumental in driving a comprehensive overhaul of Citigroup's investment banking operations, aiming to enhance the bank's competitiveness and market share.

Baygual will co-lead the M&A division alongside Drago Rajkovic, another former JPMorgan executive who joined Citigroup in June 2025. Rajkovic's addition further underscores the bank's commitment to attracting top talent to bolster its M&A capabilities.

Under CEO Jane Fraser's leadership, Citigroup has been actively restructuring its operations to enhance profitability and competitiveness. The appointment of Raghavan in 2024 was a significant move in this direction. Since his arrival, Raghavan has spearheaded an aggressive recruitment campaign, bringing in over 15 senior executives from competitors such as JPMorgan, Goldman Sachs, Morgan Stanley, Ares Management, and HSBC. Notable hires include Achintya Mangla as head of financing for investment banking, Aloke Gupte and Alex Watkins leading equity capital markets, and Sidharth Punshi overseeing financial sponsors and alternative assets across EMEA.

This talent acquisition strategy aims to strengthen Citigroup's investment banking division, which has seen a 13% year-on-year rise in investment banking fees in Q2 2025, totaling $1.2 billion. Despite this growth, Citigroup's fees still lag behind JPMorgan's $2.5 billion for the same period.

Citigroup's aggressive hiring from JPMorgan and other competitors underscores the intense competition among major banks for top dealmakers. This trend reflects a broader industry movement where institutions are willing to invest heavily in talent to gain a competitive edge in the lucrative M&A sector. The strategic appointments are also indicative of Citigroup's commitment to expanding its market share and enhancing its capabilities in investment banking.

Citigroup's appointment of Guillermo Baygual as co-head of global M&A is a strategic move aimed at strengthening its investment banking division. Under the leadership of Jane Fraser and Viswas Raghavan, the bank is actively recruiting top talent to enhance its market position and competitiveness in the M&A sector.