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Citi's New Hire from JPMorgan Aims to Revitalize Banking Division

Quiver Editor

Viswas Raghavan has joined Citigroup (C) as its new head of banking, bringing his extensive experience from JPMorgan (JPM) to help revitalize Citi's division catering to multinational corporations. Citi CEO Jane Fraser has expressed high hopes for Raghavan, emphasizing the bank's ability to attract top talent. In a LinkedIn post, Fraser highlighted Raghavan's decision to join Citi as a testament to the firm's appeal. Raghavan's appointment is seen as a strategic move to turn around Citi's banking operations, which have lagged behind competitors.

Citi's investment banking revenue in the first quarter was $903 million, significantly lower than JPMorgan's $2 billion. Wells Fargo analyst Mike Mayo noted that Citi's investment banking unit could benefit from Raghavan's leadership, given the bank's large global footprint and the opportunity for improved performance. Citi has been ranked fifth or sixth in global investment banking revenue over the past five years, with a market share of 4.8% this year, up from 4.1% in 2023. Despite this improvement, Citi still trails behind its larger U.S. rivals, which hold over 6% market share.

Market Overview:
  • Viswas Raghavan joins Citigroup as the new head of banking.
  • Citi CEO Jane Fraser aims to revitalize the company's banking division.
  • Raghavan brings experience from JPMorgan, where he climbed the ranks to head of investment banking.
Key Points:
  • Citi's Q1 investment banking revenue was $903 million, half of JPMorgan's $2 billion.
  • Wells Fargo analyst Mike Mayo sees potential for improvement under Raghavan's leadership.
  • Citi's investment banking market share has increased to 4.8% this year from 4.1% in 2023.
Looking Ahead:
  • Raghavan's leadership is expected to bring renewed intensity and focus to Citi's banking division.
  • Citi's ability to attract top talent like Raghavan reflects its potential for growth.
  • The bank aims to improve its global investment banking revenue ranking and market share.

Two sources who worked with Raghavan described him as a demanding manager with a confident style. Citi declined to comment on these personnel matters. As Raghavan steps into his new role, the focus will be on leveraging his expertise to boost Citi's performance and competitiveness in the investment banking sector. The executive's track record and leadership style are anticipated to drive the strategic changes needed to achieve Fraser's vision for the bank.

About the Author

David Love is an editor at Quiver Quantitative, with a focus on global markets and breaking news. Prior to joining Quiver, David was the CEO of Winter Haven Capital.

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