Citigroup Appoints Drago Rajkovic as Co-Head of M&A Division

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. Raghavan, a former JPMorgan executive, has been actively recruiting senior talent to enhance Citigroup's competitive position in the investment banking sector. Notably, Raghavan has brought in several senior executives from JPMorgan, including Achintya Mangla, who was appointed head of financing for the investment bank in September 2024.

Rajkovic's recent notable deals include Salesforce's $8 billion acquisition of Informatica and Hewlett Packard Enterprise's $14 billion acquisition of Juniper Networks. These transactions underscore his expertise in managing high-profile technology mergers and acquisitions.

Citigroup's investment banking division has demonstrated strong performance, with M&A fees rising 84% in the first quarter of the year. The bank has advised on significant 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 achievements reflect the bank's strategic focus on expanding its M&A capabilities.

The appointment of Drago Rajkovic and the aggressive recruitment of senior talent from competitors like JPMorgan Chase highlight the intense competition among major financial institutions to secure top-tier professionals. This trend may lead to increased mobility among senior executives and could influence compensation structures within the industry. Additionally, Citigroup's strategic hires and enhanced M&A capabilities may position the bank to play a more prominent role in facilitating large-scale corporate consolidations, potentially impacting various sectors of the economy.

Citigroup's appointment of Drago Rajkovic as co-head of M&A is a testament to the bank's commitment to strengthening its investment banking division. Under the leadership of Viswas Raghavan, the bank's strategic hires and improved M&A performance signal a concerted effort to enhance its competitive edge in the financial sector.