New Citi Banking Head Raghavan Commences Role, CEO Praises His 'Intensity'
New Citi Banking Head Raghav...
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New Citi Banking Head Raghavan Commences Role, CEO Praises His 'Intensity'

5 June 2024
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2 min.
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New Citi Banking Head Raghavan Commences Role, CEO Praises His 'Intensity'

Citi's New Leadership Leap

This week, Viswas Raghavan became Citigroup's head of banking in New York. Formerly with JPMorgan, his hiring earlier this year reflects Citi's strategy to strengthen its leadership. Citi CEO Jane Fraser is optimistic about Raghavan's extensive experience and aims to enhance services for multinational clients.

On Tuesday, Fraser welcomed Raghavan in a LinkedIn post, sharing a photo taken at Citi's headquarters. "His decision to join Citi reflects our ability to attract top-tier talent," she wrote, highlighting the strategic importance of his arrival.

In her April address to shareholders, Fraser expressed her excitement about Raghavan joining the team, noting, "We look forward to the heightened energy and drive he will undoubtedly bring."

Raghavan's tenure at JPMorgan was marked by significant achievements. He served as the CEO for the Europe, Middle East, and Africa (EMEA) region, overseeing investment and corporate banking as well as treasury services. Since joining JPMorgan in 2000, he has held senior positions in both debt and equity capital markets.

An India native, Raghavan holds bachelor's degrees in physics from the University of Bombay and in electronic engineering and computer science from Aston University. He is also a chartered accountant.

Citi's investment banking revenue for the first quarter stood at $903 million, in stark contrast to JPMorgan's $2 billion in the same period.

Wells Fargo analyst Mike Mayo, in a February note when Raghavan's hire was announced, emphasized the need for a revamp at Citi's banking unit. He suggested that Raghavan might be drawn to Citi's extensive global presence, the opportunity to oversee a major business line independently, and the relatively easier performance benchmarks compared to the company's historical figures. Mayo has ranked Citi's stock as his top pick.

Citigroup has ranked fifth or sixth in global investment banking revenue over the past five years, with its share rising to 4.8% this year from 4.1% in 2023. Major U.S. banks have over 6% market share. Under Fraser, Citigroup's stock rose 19% this year, outperforming the S&P 500 bank index's 13% increase, showing investor confidence in her leadership.

Persons3 and Companies6 in the news

Analyst at Wells Fargo
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Head of Banking for Citigroup
2 place
Chief executive officer of Citigroup
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Wells Fargo
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Citigroup
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JP Morgan Chase
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