CITIGROUP employed JPMorgan Chase’s Viswas Raghavan as head of banking and govt vice-chair, poaching from a key rival as chief govt officer Jane Fraser presses forward with the financial institution’s greatest restructuring in many years.
Raghavan, who is anticipated to start out on the financial institution in summer time, can even be part of the agency’s govt administration group and report on to Fraser, Citigroup mentioned in an inner memo on Monday (Feb 26).
In his new position, Raghavan will run one of many financial institution’s 5 core companies, answerable for funding, company and business banking. Citigroup has been searching for a banking head since Fraser reorganised the agency in September in a transfer designed to propel the corporate from a banking underdog to 1 aggressive with its extra worthwhile friends.
“Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm,” Fraser mentioned within the memo. “Vis is the right person to take over at this pivotal moment for our banking franchise.”
As Citi introduced Raghavan’s appointment, JPMorgan elevated Doug Petno and Filippo Gori to steer world banking, the primary administration shuffle beneath new business and funding banking co-heads Jenn Piepszak and Troy Rohrbaugh. The agency mixed its business, company and funding banking companies beneath Petno and Gori, “better aligning our coverage of clients as they grow in size and complexity,” JPMorgan mentioned in an inner memo on Monday.
Raghavan is taking up a enterprise at Citigroup that has lengthy lagged behind its greatest rivals, regardless of years of effort by leaders so as to add expertise and increase in key areas of funding banking. The unit posted a web lack of US$322 million within the fourth quarter as bills soared.
“We certainly aspire to be better,” Fraser mentioned of the unit’s ends in January. “We like our pipeline, but of course, the timing for a robust recovery is uncertain.”
During Fraser’s tenure, the corporate’s inventory has slumped 20 per cent, in contrast with the 21 per cent advance of the S&P 500 Financials Index.
Seasoned dealmaker
With Raghavan, Fraser is gaining access to a seasoned dealmaker who’s additionally led JPMorgan’s sprawling franchise throughout Europe, the Middle East and Africa since 2017. In her bid to enhance returns, Fraser has proven she’s keen to look outdoors Citigroup’s ranks to safe high expertise, including Bank of America Corp.’s Andy Sieg to steer her burgeoning wealth enterprise final yr.
The strikes have additionally helped Citigroup create a deeper bench of govt expertise that would in the future succeed Fraser, who took the reins at Citigroup three years in the past. In leaping to Citigroup, Raghavan studies on to Fraser, whereas at JPMorgan he had different layers of administration between him and CEO Jamie Dimon.
At JPMorgan, Raghavan was most not too long ago head of world funding banking, after beforehand having served as co-head of world funding and company banking since 2020.
Peter Babej, Citigroup’s chair and interim head of banking, will help with Raghavan’s transition earlier than retiring from the financial institution as he beforehand deliberate, in line with the financial institution’s memo. BLOOMBERG
Source: www.businesstimes.com.sg”