Citigroup has announced the recruitment of Viswas Raghavan, formerly of JPMorgan Chase, as its upcoming chief of banking operations, according to an internal memo disclosed by Reuters and attributed to CEO Jane Fraser.
Citi Appoints JPMorgan’s Raghavan as Banking Head, Says CEO
Raghavan, who recently held the position of head of global investment banking at JPMorgan, is slated to commence his new role at Citigroup during the summer. Peter Babej, who has been serving as the interim banking head at Citi, will continue in his role until his retirement later in the year.
In the memo, Jane Fraser praised Raghavan’s leadership qualities, highlighting his appointment as indicative of Citigroup’s capability to draw top-tier talent to its team. The move comes at a time when Citigroup is undergoing significant restructuring, its most extensive in years, including a strategic plan to cut its workforce by 20,000 over the next two years.
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Raghavan’s ascent to the role of head of global investment banking at JPMorgan was a step up from his previous co-head position in 2020, showcasing his extensive experience in investment and corporate banking across Europe, the Middle East, and Asia.
In his impending role at Citigroup, Raghavan will collaborate closely with Ernesto Torres Cantú, the head of international operations, and David Livingstone, who oversees Citigroup’s newly established client division, as detailed by Fraser in the memo.
This appointment marks the addition of another high-profile executive to Citigroup’s leadership team, following Andy Sieg’s move from Bank of America in September to lead the wealth division, underscoring the bank’s ongoing efforts to strengthen its executive team and strategic direction.
