Tatyana Bautzer
NEW YORK (Reuters) – Viswas Raghavan joined Citigroup as the new head of its banking division this week in New York, the lender said on Tuesday, after hiring the former head of JPMorgan’s investment banking unit earlier this year.
Citi CEO Jane Fraser has expressed high hopes for Raghavan, who has risen through the capital markets ranks at JPMorgan, as she seeks to turn around the bank and revitalize its multinationals banking unit.
In a Linkedin post Tuesday, Fraser welcomed the new executive and shared a photo of him at Citi headquarters. “His decision to join Citi reflects our ability to attract top talent,” she wrote.
The CEO told shareholders in April that she was delighted to welcome Raghavan and added: “We look forward to the additional activity he is sure to bring.”
Two sources who worked with him described Raghavan as a demanding manager, one of whom noted his confident style. They refused to identify themselves while discussing personnel issues. Citi declined to comment.
Previously, Raghavan served as CEO of JPMorgan’s Europe, Middle East and Africa (EMEA) region and led investment and corporate banking and treasury services in the region. Since joining JPMorgan in 2000, he has held senior management positions in the debt and equity capital markets.
The executive grew up in India and holds a bachelor’s degree in physics from Bombay University and a bachelor’s degree in electronic engineering and computer science from Aston University. He is also a certified public accountant.
Citi’s investment banking revenue was $903 million in the first quarter, half of JPMorgan’s $2 billion in the same period.
Citi’s banking division “may need a refresh,” Wells Fargo analyst Mike Mayo wrote in a February note when Raghavan’s hiring was announced. The executive “may be attracted to Citi given its extensive global presence” because it takes sole responsibility for a business line and faces easier performance comparisons than the company’s history, Mayo wrote. Stocks are his best bet.
Citigroup was the fifth or sixth largest global bank based on investment banking revenue over the past five years, according to Dealogic rankings. Its share of global revenue this year was 4.8%, up from 4.1% in 2023. Other major U.S. competitors have a market share of more than 6% in the investment banking market.
Investors have rewarded Fraser with a 19% rise in share prices this year as she has carried out a major overhaul. Earnings outpaced bank stocks’ 13% gain in 2024.