Citi hires Vargas from JPMorgan to lead equity capital markets in North America: memo

Citi hires Vargas from JPMorgan to lead equity capital markets in North America: memo

Citigroup Inc. (C) has announced the appointment of David Vargas to lead its equity capital markets (ECM) division in North America. Vargas, a seasoned executive, joins Citigroup from JPMorgan Chase, where he served as a senior executive in the global ECM team. The move is part of Citigroup's ongoing efforts to bolster its ECM capabilities and strengthen its position in the financial markets.

Vargas brings extensive experience in ECM to Citigroup, having played a pivotal role in various high-profile transactions and advisory services at JPMorgan. His appointment aims to enhance Citigroup's ECM team, which has been instrumental in driving growth and revenue for the company.

The appointment of Vargas follows Citigroup's strong Q2 2025 results, which saw the company report net income of $4 billion and a 23% return on tangible equity (ROTCE) for its Services division, highlighting the company's robust performance and strategic execution. The appointment is also part of Citigroup's broader transformation agenda, which includes investments in digital infrastructure and a focus on innovation in financial services.

In his new role, Vargas will oversee all aspects of Citigroup's ECM operations in North America, including advisory services, underwriting, and market making. His appointment is expected to further cement Citigroup's position as a leading player in the ECM space, with a strong focus on client satisfaction and innovative solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

References:
[1] https://www.investing.com/news/stock-market-news/jpmorgan-chase-appoints-new-coheads-of-north-america-corporate-banking-93CH-4140170
[2] https://seekingalpha.com/news/4467638-citi-targets-84b-revenue-for-2025-while-advancing-20b-buyback-plan-and-digital-asset