Citigroup Expands Investment Banking Division with Key Exec Hires from JPMorgan Chase

Citigroup has embarked on a significant expansion of its investment banking division, appointing several senior executives from rival firms, notably JPMorgan Chase. This strategic initiative, led by Head of Banking Viswas "Vis" Raghavan, aims to bolster Citigroup's position in the competitive financial sector.

In June 2025, Citigroup appointed Drago Rajkovic as co-head of mergers and acquisitions (M&A). Rajkovic, who previously served as global chairman of M&A at JPMorgan Chase, brings over 30 years of advisory experience. His notable deals include Salesforce’s $8 billion acquisition of Informatica and Hewlett Packard Enterprise’s $14 billion acquisition of Juniper Networks. At Citigroup, Rajkovic will collaborate with Kevin Cox, dividing his time between New York and San Francisco.

In August 2025, Citigroup named Guillermo Baygual as co-head of M&A. Baygual, with over 25 years at JPMorgan Chase, most recently served as global co-head of the infrastructure and strategic investors group. His appointment is part of Citigroup's ongoing efforts to expand its investment banking capabilities under Raghavan's leadership.

These appointments are part of a broader strategy initiated by Raghavan, who joined Citigroup from JPMorgan in 2024. Since his arrival, Raghavan has recruited several former colleagues, including Achintya Mangla, who joined in September 2024 as head of financing for the investment bank. This talent acquisition spree underscores Citigroup's commitment to strengthening its investment banking division.

Citigroup's investment banking division has demonstrated strong performance, with M&A fees rising 84% in the first quarter of 2025. The bank 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. In the first half of 2025, Citigroup ranked fourth globally for M&A revenue and fifth in overall investment banking revenue, according to Dealogic.

The recruitment of top talent from rival firms reflects a broader trend in the financial industry, where institutions are aggressively vying for experienced professionals to bolster their competitive edge. This movement not only impacts the dynamics within these organizations but also influences the broader market by potentially shifting client relationships and deal-making capabilities. Furthermore, Citigroup's strategic hires signal confidence in a resurgence of M&A activity, which can have significant implications for economic growth and corporate strategies.

Citigroup's strategic hires under Raghavan's leadership mark a pivotal moment in the bank's efforts to revitalize its investment banking division. The success of this initiative will be closely watched as an indicator of the bank's ability to navigate and lead in the competitive financial landscape.