Citi Accelerates Hiring of JPMorgan Bankers with at Least 10 Senior Positions Filled

Citi's Head of Banking, Vis Raghavan, has accelerated the hiring of former JPMorgan Chase bankers, with at least 10 senior investment bankers agreeing to join Citi. This hiring spree is a significant move in the competitive banking industry, as Citi looks to strengthen its investment banking capabilities. The hires are a coup for Citi, as JPMorgan Chase is a top player in the industry.

Citigroup's (Citi) banking chief, Vis Raghavan, has been on a hiring spree, securing at least 10 senior investment bankers from rival JPMorgan Chase. This move is part of Citi's broader strategy to strengthen its investment banking capabilities and climb the Wall Street rankings. Raghavan, who joined Citi from JPMorgan in June 2024, has been instrumental in attracting top talent, including former colleagues from JPMorgan and other prominent banks [1].

The hiring spree has been swift and strategic. Recent hires include Amit Nayyar as co-head of European technology banking, Guillermo Baygual and Drago Rajkovic as co-heads of global M&A, and Pankaj Goel as co-head of technology investment banking. All these individuals held senior roles at JPMorgan [2]. The rapid recruitment drive has been described as unusual by industry insiders, highlighting Citi's aggressive approach to talent acquisition [2].

Raghavan's strategy involves not only hiring top talent but also fostering collaboration across business lines. He has been encouraging investment bankers to introduce clients to executives from other units, such as wealth management and the services division, to generate more deals and revenue. This cross-divisional cooperation is rare in the highly competitive investment banking world, where client relationships are closely guarded [1].

The hires come at a crucial time for Citi, which aims to improve its investment banking performance under CEO Jane Fraser's turnaround strategy. Citi's investment banking business is currently ranked fifth overall on Wall Street [1]. The bank has seen its investment banking fees rise by 13% in the second quarter of 2025, driven by advising on high-profile deals such as Nippon Steel's $15bn acquisition of US Steel and Boeing's sale of parts of its aviation software unit to Thoma Bravo [2].

Citi's aggressive hiring strategy is a significant move in the competitive banking industry. By attracting top talent and fostering cross-divisional cooperation, Citi is positioning itself to gain market share and enhance its investment banking capabilities. The bank's investment banking fees rose 13% in the second quarter, indicating that Raghavan's strategy is already yielding results.

References:
[1] https://ca.finance.yahoo.com/news/analysis-citis-banking-head-drives-134401727.html
[2] https://finance.yahoo.com/news/citi-raid-jpmorgan-investment-bankers-040024298.html