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Viswas Raghavan's arrival at Citi from JPMorgan has the potential to rock the boat

Citi hired Viswas Raghavan from JPMorgan as its new head of global banking.

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Bloomberg reported today that Raghavan, who was head of global investment banking at JPMorgan is joining Citi as head of banking and executive vice chair of Citi, reporting directly to Jane Fraser.

His arrival comes as Citi is in the midst of making 20,000 job cuts. 

In a memo to Citi staff, Fraser declared herself "excited" about Raghavan's arrival and said he will also join the executive management team. In his new Citi role, Raghavan will both drive strategy and help with "key strategic initiatives", explained Fraser, praising him as "the perfect partner" and "the right person to take over at this pivotal moment for our Banking franchise."

Raghavan won't actually arrive at Citi until later this summer. He's filling the interim head role occupied by Peter Babej since last September. Financial News reported today that Citi had been looking for Babej replacements externally and had approached Anu Aiyengar, JPMorgan’s global head of M&A. Raghavan clearly took the bait instead. 

He's being replaced at JPMorgan by Filippo Gori, the current CEO of banking for JPM in Asia. Gori is coming to London to replace Raghavan as CEO for EMEA and will be co-head of global banking with Doug Petno, who will stay in NYC.

Both JPMorgan and Citi declined to comment.

Raghavan spent over two decades at JPMorgan. He has a reputation for being highly ambitious and occasionally political. "He's not going to be everyone's cup of tea," said one person who knows him.

Raghavan will not have come cheaply. As Citi cuts costs, it's likely paid a very healthy eight figure package to hire him. He arrives at Citi following a year in which LSEG data and analytics says the bank achieved a 3.4% share of the global investment banking wallet - its lowest since records began. JPMorgan led the market with a 6.8% share by comparison.

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Photo by Ahmed Zayan on Unsplash

 

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AUTHORSarah Butcher Global Editor

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