Citi Names Kaustubh Kulkarni Co-Head of Investment Banking for Asia Pacific

Citigroup has appointed Kaustubh Kulkarni as co-head of investment banking for the Asia Pacific region. Kulkarni will lead the team alongside Jamie Holser, who was appointed in 2022. The move is part of Citigroup's efforts to strengthen its investment banking business in the region.

Title: Citigroup Appoints Kaustubh Kulkarni as Co-Head of Asia-Pacific Investment Banking

Citigroup has appointed J.P. Morgan veteran Kaustubh Kulkarni as co-head of its Asia-Pacific investment banking business. Kulkarni will join Citigroup in December and will be based in Singapore, working alongside Jamie Holser, who was appointed in 2022 [1]. This move is part of Citigroup's ongoing efforts to bolster its investment banking presence in the region.

Kulkarni brings extensive experience to the role, having spent 28 years at J.P. Morgan. Most recently, he served as senior country officer for India and vice chair for Asia Pacific [1]. His appointment follows Citigroup's August announcement of Vikram Chavali joining as managing director, head of global asset managers for Japan, North Asia, Australia, and South Asia [1]. These hires are part of Citigroup's strategy to strengthen its regional coverage and enhance its investment banking capabilities.

Citigroup's appointment of Kulkarni comes as the bank continues to execute its multi-year restructuring plan. The bank has announced plans to eliminate 20,000 jobs by 2026, aiming to improve efficiency and profitability [3]. This strategic shift includes exiting consumer banking operations in 14 markets across Asia and EMEA, allowing for a greater focus on core businesses such as wealth management and investment banking [3]. These efforts have already shown positive results, with wealth management revenues up 22% year-over-year and investment banking revenues rising 13% in the first half of 2025 [3].

The appointment of Kulkarni is a significant move for Citigroup as it seeks to compete in the competitive Asia-Pacific market. Wells Fargo and Bank of America are also making strategic efforts to strengthen their operations, with Wells Fargo aiming for $2.4 billion in gross expense reductions by 2025 and Bank of America planning to expand its network by opening more than 150 financial centers by 2027 [3].

Shares of Citigroup have gained 40.2% year-to-date, outperforming the industry's growth of 26.8%. From a valuation standpoint, Citigroup trades at a forward price-to-earnings (P/E) ratio of 10.74X, below the industry's average of 14.81X [3]. The Zacks Consensus Estimate for Citigroup's 2025 and 2026 earnings implies a year-over-year rise of 27.2% and 27.9%, respectively [3].

References:
[1] https://www.marketwatch.com/story/citi-hires-j-p-morgan-veteran-as-co-head-of-apac-investment-banking-457fe463
[2] https://www.marketscreener.com/news/moves-citi-names-kaustubh-kulkarni-co-head-of-investment-banking-for-asia-pacific-ce7d59dadd89f320
[3] https://www.theglobeandmail.com/investing/markets/stocks/C/pressreleases/34545492/is-citigroups-business-transformation-plan-gaining-momentum/