Source: Financial Times
Citigroup is rapidly bolstering its investment banking bench strength under the leadership of Vis Raghavan, who has wasted little time in pulling senior talent from his former employer, JPMorgan Chase.
In recent weeks, Citi has confirmed a wave of high-profile appointments:
- Amit Nayyar – Co-Head of European Technology Banking
- Guillermo Baygual – Co-Head of Global M&A
- Pankaj Goel – Co-Head of Technology Investment Banking
- BJ Vargas – Head of North American Equity Capital Markets
- Ashish Agarwal – Senior Real Estate Banker
All five previously held senior roles at JPMorgan, where Raghavan spent over two decades and rose to global head of investment banking before moving to Citi in mid-2023 to lead its corporate, commercial, and investment banking turnaround.
Building a Trusted Inner Circle
The new hires add to a growing roster of ex-JPMorgan bankers now at Citi. Among the most notable is Achintya Mangla, once Raghavan’s close lieutenant, who today oversees financing for Citi’s investment banking division.
Industry insiders expect further moves. David Lomer, formerly at ICG and another former JPMorgan colleague of Raghavan, is widely tipped to join once his gardening leave concludes later this year.
A veteran banker noted the speed of this recruitment drive is striking: “The first priority is upgrading your talent; the second is political – placing trusted lieutenants who can push your agenda inside a complex organisation.”
Beyond JPMorgan: Expanding the Net
While many hires carry a JPMorgan pedigree, Raghavan has also targeted external talent. Citi recently recruited:
- David Friedland, a 25-year Goldman Sachs veteran, now Co-Head of North America Investment Banking Coverage.
- Aashish Dhakad, formerly at Ares Management, to expand Citi’s private credit platform in partnership with Apollo, a $25bn lending venture.
Performance Impact
The aggressive talent strategy is already showing results. According to Dealogic, Citi has risen to fifth globally in investment banking revenue with a 4.5% market share. In Q2 2025, the bank’s investment banking fees increased by 13%, supported by mandates on high-profile transactions such as:
- Nippon Steel’s $15bn acquisition of US Steel
- Boeing’s sale of aviation software assets to Thoma Bravo
Speaking at a June investor conference, Raghavan credited Citi’s momentum to its hiring spree, emphasizing: “We’re just getting started in terms of talent investment.”
The Competitive Landscape
The talent war is not one-sided. JPMorgan, eager to maintain its lead, has hired more than 300 bankers since early 2024, with almost a third joining at managing director level.
The moves underscore the intensifying battle for top-tier dealmakers as Wall Street banks position for a rebound in M&A and capital markets activity.
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IMAGE: Reuters
