Citigroup Boosts M&A Division with High-Profile Appointment

Citigroup has appointed Drago Rajkovic as co-head of its Mergers and Acquisitions (M&A) division, marking a significant addition to its investment banking leadership. Rajkovic, who brings over 30 years of advisory experience, previously served as the global chairman of M&A at JPMorgan Chase. He is set to join Citigroup in September, working alongside Kevin Cox, and will divide his time between New York and San Francisco.

This strategic hire is part of Citigroup's broader initiative to strengthen its investment banking division under the leadership of Viswas Raghavan, who joined the bank in 2024. Rajkovic's recent notable deals include advising on Salesforce's $8 billion acquisition of Informatica and Hewlett Packard Enterprise's $14 billion acquisition of Juniper Networks.

Rajkovic's appointment underscores Citigroup's commitment to enhancing its M&A capabilities. His extensive experience in technology deals aligns with the bank's focus on expanding its presence in this sector. The co-leadership model with Kevin Cox is designed to foster collaboration and drive growth within the division.

Under Raghavan's leadership, Citigroup has been actively recruiting top talent to bolster its investment banking division. Notable hires include Guillermo Baygual, formerly at JPMorgan, as co-head of M&A; Pankaj Goel, also from JPMorgan, as co-head of technology investment banking; and David Friedland, from Goldman Sachs, as co-head of North America investment banking. These strategic additions aim to enhance Citigroup's competitiveness in the investment banking sector.

Citigroup's investment banking division has shown significant growth, with M&A fees rising 84% in the first quarter of 2025. The bank has advised on major transactions, including Charter Communications' $21.9 billion merger with Cox Communications and Boeing's $10.5 billion sale of its Jeppesen unit to Thoma Bravo. These deals have contributed to Citigroup's improved standing, ranking fourth globally in M&A revenue and fifth in overall investment banking revenue in the first half of 2025.

The appointment of Drago Rajkovic and the broader recruitment drive reflect a competitive landscape in the investment banking sector, where top talent is crucial for securing high-profile deals. Citigroup's strategic hires may influence market dynamics, potentially leading to shifts in client relationships and deal flow among major financial institutions. Additionally, the bank's focus on strengthening its M&A capabilities indicates confidence in a resurgence of deal-making activities, which can have broader economic implications, including increased corporate consolidations and investment opportunities.

Citigroup's strategic hires, including Rajkovic, reflect a concerted effort to revitalize its investment banking division. The success of this strategy will depend on the integration of new talent and the bank's ability to leverage their expertise in securing high-profile deals.