Citigroup Names New Co-Head of M&A Amid Strategic Hiring Spree

Citigroup has appointed Drago Rajkovic as co-head of its mergers and acquisitions (M&A) division, effective September 2025. Rajkovic, who previously served as global chairman of M&A at JPMorgan Chase, brings over 30 years of advisory experience to his new role. He will lead the M&A division alongside Kevin Cox, dividing his time between New York and San Francisco.

Rajkovic's tenure at JPMorgan was marked by his involvement in significant transactions, including Salesforce's $8 billion acquisition of Informatica and Hewlett Packard Enterprise's $14 billion purchase of Juniper Networks. His extensive experience is expected to bolster Citigroup's M&A capabilities.

This strategic hire aligns with Citigroup's broader initiative to enhance its investment banking division under the leadership of Viswas Raghavan, who joined the firm in June 2024. Raghavan, formerly of JPMorgan, has been instrumental in recruiting over 15 senior executives from rival firms, including Achintya Mangla, who joined as head of financing for the investment bank.

The impact of these strategic hires is evident in Citigroup's recent performance. In the first quarter of 2025, the bank reported an 84% increase in M&A fees. Notable transactions during this period include advising Charter Communications on its $21.9 billion merger with Cox Communications and assisting Boeing in the $10.5 billion sale of its Jeppesen flight navigation unit to Thoma Bravo.

The investment banking sector has seen a flurry of strategic hires and organizational changes among major financial institutions. JPMorgan Chase, for instance, has been expanding its mid-cap investment banking team by hiring senior bankers to bolster its presence in this segment. Additionally, the firm appointed Francisco Abularach and Michael Johnson as global co-heads of its infrastructure investment banking division, reflecting a strategic focus on the growing infrastructure sector.

Similarly, Morgan Stanley consolidated its Global Energy and Global Power and Utilities investment banking teams into a newly formed Global Power and Energy Group, aiming to address the evolving global energy landscape.

Citigroup's appointment of Drago Rajkovic as co-head of M&A underscores the bank's commitment to strengthening its advisory capabilities and capturing a larger share of the M&A market. Rajkovic's extensive experience and successful track record in high-profile deals are expected to enhance Citigroup's competitive position.

The broader trend of strategic hires and organizational restructuring among major banks indicates a highly competitive environment in the investment banking sector. Institutions are actively seeking to bolster their teams with seasoned professionals to navigate the complexities of the current market and capitalize on emerging opportunities.

As Citigroup continues to implement its strategic initiatives, the financial industry will be closely watching the outcomes of these efforts and their impact on the bank's position in the competitive investment banking landscape.