Citigroup Strengthens Investment Banking with Key JPMorgan Hires

In a strategic move to bolster its investment banking division, Citigroup has appointed several senior executives from rival JPMorgan Chase, signaling a concerted effort to enhance its market position.

Under the leadership of Viswas "Vis" Raghavan, who joined Citigroup as Head of Banking in June 2024 after a distinguished tenure at JPMorgan, the bank has made significant hires:

• Drago Rajkovic: Appointed as Co-Head of Mergers and Acquisitions (M&A), Rajkovic brings over 30 years of advisory experience. Previously, he served as Global Chairman of M&A at JPMorgan, where he was involved in major deals such as Salesforce's $8 billion acquisition of Informatica and Hewlett Packard Enterprise's $14 billion purchase of Juniper Networks.

• Pankaj Goel: Named Co-Head of Technology Investment Banking, Goel has over two decades of experience. At JPMorgan, he led significant transactions including Altair's $10.6 billion sale to Siemens and Altium's $6 billion sale to Renesas.

• Guillermo Baygual: Appointed as Co-Head of M&A alongside Rajkovic, Baygual had a 25-year tenure at JPMorgan, most recently serving as Global Co-Head of the Infrastructure and Strategic Investors Group.

These appointments are part of Citigroup's broader strategy to revitalize its investment banking division, which had been underperforming compared to competitors. Under CEO Jane Fraser's leadership, the bank has been focusing on attracting top talent and fostering internal collaboration to enhance deal-making capabilities. Raghavan's hiring spree has been instrumental in this turnaround effort.

Before joining Citigroup, Raghavan was a prominent figure at JPMorgan Chase, where he played a significant role in the bank's consistent top rankings in the global investment banking sector. Known for his ability to motivate teams and secure complex deals, his move to Citigroup is seen as a strategic effort to revitalize its underperforming investment banking sector.

Citigroup's aggressive recruitment strategy reflects a broader trend in the banking industry, where institutions are vying for top talent to bolster their market positions. This talent acquisition not only enhances Citigroup's capabilities but also intensifies competition among major banks. The bank's recent expansion includes high-profile hires from JPMorgan, HSBC, and other firms, reflecting a broader talent acquisition strategy.

These developments underscore the dynamic nature of the investment banking sector and the critical role that strategic leadership and talent acquisition play in shaping the industry's future.