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, effective September 2025. Rajkovic, previously the global chairman of M&A at JPMorgan Chase, brings over 30 years of advisory experience to his new role. He will lead Citigroup's M&A division alongside Kevin Cox, dividing his time between New York and San Francisco.

This strategic hire is part of Citigroup's broader initiative to strengthen its investment banking capabilities under the leadership of Viswas Raghavan, who joined the bank in June 2024 from JPMorgan Chase. Since his arrival, Raghavan has recruited over 15 senior executives from competitors, including JPMorgan, Goldman Sachs, Morgan Stanley, Ares Management, and HSBC.

Citigroup's investment banking division has experienced significant growth, with M&A fees rising 84% in the first quarter of 2025. The bank has advised on notable transactions such as Charter Communications' $21.9 billion merger with Cox Communications and Boeing's $10.5 billion sale of its Jeppesen unit to Thoma Bravo.

The appointment of Drago Rajkovic and the recruitment of other senior executives from rival firms underscore Citigroup's commitment to enhancing its investment banking capabilities. This strategic move is likely to intensify competition among major financial institutions for top talent and market share in the M&A sector. Additionally, the bank's involvement in high-profile deals reflects a robust M&A market, which can have broader economic implications, including job creation and industry consolidation.

In a memo to staff, Raghavan stated, "M&A continues to be super active—there's a lot of dialog, a lot of engagement." He added, "The debt market will be more a function of how the M&A market manifests itself, through acquisition financing."

Rajkovic's appointment is expected to further bolster Citigroup's position in the competitive M&A landscape, leveraging his extensive experience and industry relationships to drive growth and deliver value to clients.