Citigroup's M&A Strategic Hires Boost Global Rank to Fourth Despite Stock Dip and 74th Volume Rank

Citigroup's shares fell 1.08% on August 7, with a trading volume of $1.19 billion, ranking 74th among stocks by daily volume. The bank announced the appointment of JPMorgan’s Guillermo Baygual as co-head of mergers and acquisitions, a strategic move to strengthen its investment banking division. Baygual, a 25-year JPMorgan veteran, will join former colleague Drago Rajkovic in leading Citi’s M&A business, signaling a focus on expanding market share in dealmaking. The hires follow Citi’s recent advisory roles in major transactions, including Charter Communications’ acquisition of Cox Communications and Sycamore Partners’ buyout of Walgreens Boots Alliance.

The leadership reshuffle underscores Citigroup’s aggressive recruitment strategy under Viswas Raghavan, a former JPMorgan executive. The bank has secured fourth place globally in M&A revenue for the first half of 2025, according to industry data. With seven of the year’s top 10 investment banking deals already advised, Citi aims to capitalize on anticipated dealmaking momentum amid easing antitrust concerns and tariff uncertainties. Jane Fraser, Citi’s CEO, highlighted a robust transaction pipeline in July, reinforcing confidence in the division’s growth trajectory.

Baygual and Rajkovic are set to join in September, with Baygual based in London and Rajkovic splitting time between New York and San Francisco. Their arrival marks a continuation of Citi’s efforts to consolidate its position in competitive investment banking markets. Kevin Cox will retain leadership of the M&A team until the transition, after which he will assume a global chair role. The bank’s recent expansion includes high-profile hires from JPMorgan, HSBC, and other firms, reflecting a broader talent acquisition strategy.

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