Citi Appoints Bernal Vargas as Head of Equity Capital Markets in North America.

Citi has hired Bernal Vargas from JPMorgan to lead its equity capital markets division in North America. Vargas will be based in New York and will join the bank later this year. This is part of Citi's efforts to expand its investment banking business and revenue, as it hires high-profile executives from rival banks.

Citigroup has appointed Bernal Vargas from JPMorgan Chase to lead its equity capital markets division in North America. According to a memo seen by Reuters, Vargas will be based in New York and is expected to join the bank later this year [1].

Vargas previously held the position of head of Americas cash equity sales at JPMorgan. He brings extensive experience from Merrill Lynch and Goldman Sachs to Citi, which is part of the bank's strategy to bolster its investment banking business and revenue [1].

This move comes as part of a broader effort by Citi to strengthen its leadership team and expand its financing business. The bank has recently hired several senior executives from rival banks, including David Friedland from Goldman Sachs as co-head of North America investment banking coverage and Aloke Gupte and Alex Watkins from JPMorgan for roles in equity capital markets and technology financing, respectively [2].

The appointments are part of Citi's broader strategy to grow its investment banking division, following the recruitment of Viswas Raghavan from JPMorgan as head of banking in February 2024 [2]. Citi has also announced plans to raise its investment banking headcount in Japan by 10% to 15% over the next year and make new hires in Australia [3].

The bank's focus on Asia Pacific reflects a growing interest in cross-border mergers and acquisitions (M&A) and supply chain deals. Citi has seen a significant rise in investment banking fees in Japan, with a 140% increase in the first half of 2025 compared to the same period last year [3].

These strategic hires and expansions indicate Citi's commitment to expanding its global footprint and competing effectively in the investment banking landscape.

References:
[1] Reuters. (2025, July 21). Citigroup hires Bernal Vargas from JPMorgan to lead equity capital markets in North America. Retrieved from https://www.reuters.com/business/finance/citi-hires-vargas-jpmorgan-lead-equity-capital-markets-north-america-2025-07-21/
[2] Reuters. (2025, July 21). Citigroup hires senior JPMorgan bankers to strengthen leadership team. Retrieved from https://ca.finance.yahoo.com/news/citi-hires-senior-jpmorgan-bankers-173919329.html
[3] Reuters. (2025, July 10). Citi to boost Japan investment banking headcount up to 15%. Retrieved from https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3TB0VO:0-citi-to-boost-japan-investment-banking-headcount-up-to-15-executive-says/