Citi hires Raghavan from JPMorgan as head of banking, CEO says in memo

By Thomson Reuters Feb 26, 2024 | 7:12 AM

By Tatiana Bautzer

NEW YORK (Reuters) – Citigroup has appointed Viswas Raghavan from JPMorgan Chase as its new head of banking, CEO Jane Fraser said in an internal memo seen by Reuters.

Raghavan most recently served as JPMorgan’s head of global investment banking. He is expected to join Citigroup in the summer. Peter Babej, Citi’s interim head of banking, will stay in the transitional role until he retires later this year.

Raghavan is a “proven leader and his appointment is another example of our ability to attract the best talent to our firm,” Fraser wrote.

Citigroup is going through its largest reorganization in decades and has recently announced it will reduce headcount by 20,000 in the next two years.

Raghavan was recently promoted to head of global investment banking at JPMorgan after having served as a co-head since 2020. He previously led investment and corporate banking in Europe, Middle East and Asia.

In his new role, Raghavan will work alongside Ernesto Torres Cantú, Citi’s head of international, and David Livingstone, who leads its newly-created client division, Fraser wrote.

The new head of banking is the latest executive added to Citi’s top ranks. Andy Sieg joined from Bank of America to run the wealth division in September.

(Reporting by Tatiana Bautzer, Editing by David Goodman, Kirsten Donovan)