Citigroup is accelerating its efforts to rebuild its investment banking franchise under new leadership, with a wave of hires from rival JPMorgan Chase. Just weeks into his role, Citi’s new head of banking, Viswas Raghavan, has already recruited at least six senior JPMorgan dealmakers, marking a push to strengthen in debt and equity capital markets areas.
Among the recent hires are veterans with deep sector expertise and long-standing client relationships. Notably, Chris Blum, JPMorgan’s former co-head of North American debt capital markets, has joined Citi to co-lead its North American debt business. Other key additions include Fabrizio Gallo and Rob Leach, who bring decades of experience in equity financing and advisory. These moves follow a broader trend across Wall Street: top firms are poaching talent at rival firms to accelerate deal pipelines.
Raghavan, who joined Citi earlier this year after nearly two decades at JPMorgan, is tapping into his old network to fast-track Citi’s turnaround. His strategy is clear: rebuild credibility in core areas like capital markets and advisory, where Citi has lagged behind Goldman Sachs, Morgan Stanley and JPMorgan in recent league tables.
The hiring spree comes at a time when Citi is undergoing a wider restructuring under CEO Jane Fraser. The bank is cutting thousands of jobs and flattening its management layers to become more competitive. While Fraser’s review has drawn skepticism from some analysts, the hirings are seen as a sign the bank is willing to invest its capital to regain lost ground.
Industry insiders say the hires reflect Citi’s desire to close the gap with its peers not just in deal execution but also in client coverage. The influx of JPMorgan talent gives Citi a stronger foothold in the high-grade debt markets and bolsters its equity capital markets capabilities. M&A volumes are still low globally, but bankers expect a rebound as interest rates stabilize.
Still, the challenge ahead is not trivial. Integrating new teams while executing a sweeping internal reorg is a risky balancing act. But for Raghavan, this is a bet on familiarity and speed. Citi’s next few quarters will show whether this talent play is enough.
