Citigroup has hired Biswas Raghavan (left) from JPMorgan Chase & Co. as head of banking. Filippo Gori (top right) and Doug Petno (bottom right) have been named co-heads of investment banking, sharing Raghavan’s previous role at JPMorgan.
citygroup Seduced and then separated high-ranking executives JP Morgan Chase He will lead one of five core business lines. City have scored another win in signing top talent. From major competitors.
Viswas Raghavan will join city He will begin as executive vice chairman and head of banking this summer, according to a memo sent Monday. CEO Jane Fraser. The announcement comes more than four weeks after Raghavan was named sole leader of the global investment banking division. JP Morganas part of the company Recent organizational and management restructuring.
In his new role, city’s It will be supervised by Raghavan, head of banking. city’s Investment, Corporate and Commercial Banking. As vice chairman, he will be involved in its formation and promotion. city’s She will support Fraser with overall strategy and “significant strategic initiatives,” she wrote in the memo.
Raghavan will also join. city’s The executive management team reports directly to Fraser. He replaces Peter Babbage. city’s He has served as the bank’s general manager on an interim basis since September 2023, when the company, which has assets of $2.4 trillion, began a major organizational and management restructuring.
“Mr. Vis is the right person to take over at a pivotal time for our banking franchise,” Fraser wrote in the memo. city employee. He added: “He is a strategic leader who brings a strong track record of delivering results across global banking businesses.”
As previously announced, Babesi will continue to assist with the transition and then retire, Fraser said. city’s The company revealed in its fourth quarter earnings report that its banking division’s revenue in 2023 was down 15% from the previous year to $4.6 billion.
Raghavan is Recent high-profile banking executives join Citi In the past year. Andy Sieg resigned from his position as president of Bank of America’s wealth management division last spring. city’s Head of Global Wealth Management, the other city’s 5 major business lines.
Raghavan’s hiring “reflects further restructuring efforts,” Wells Fargo Securities analyst Mike Mayo said in a note Monday. city. The company has struggled to meet its financial goals and generate profits on par with large banks. During several years of efforts It simplifies itself, increases efficiency, and drives increased shareholder value.
“For us, he might be attracted to city Considering its vast global footprint, [line of business] and easier comps,” Mayo wrote. city’s The goal is to achieve a return on tangible common capital for the banking sector of between -2% and 2% by 2026.
Departure of Raghavan JP Morganfor the past 24 years and has initiated further leadership changes. JP MorganWhich There has just been a change in leadership. In January.
Filling in Raghavan’s role, Filippo Gori and Doug Petno will serve as co-heads of investment banking. JP Morgansaid a Monday memo from Jennifer Piepszak and Troy Rohrbaugh, co-heads of the megabank’s corporate and investment banking division.
Until recently, Mr. Gori, 49, JP Morgan’s CEO of Asia Pacific Banking Division and the region. In addition to his new role as co-head of investment banking, Mr. Gori will become CEO of the firm’s Europe, Middle East and Africa region, a role Mr. Raghavan has held since 2017. .
Gori’s post as Asia Pacific CEO will be filled by Sjoerd Rienaert, according to a separate memo from Piepsak, Rohrborg and asset and wealth management CEO Mary Callahan Erdoes. .
Lienert, 55, has been global head of corporate banking since 2017 and previously served as regional head of Central and Eastern Europe, the Middle East and Africa, and also held leadership positions in debt capital markets, sales and derivatives marketing, according to the memo. He is said to have played a role.
Mr. Petno, 59 years old, JP Morgan’s As part of changes announced in January, Petno is overseeing the expansion of commercial banking operations. JP Morgan We have combined two of our four business lines, Commercial Banking and Corporate and Investment Banking, into a single division, now called Commercial and Investment Banking.
