Citigroup is making aggressive moves to revitalize its investment banking unit by recruiting top talent, a strategy being led by Viswas "Vis" Raghavan, who joined as head of banking last June.
The former JPMorgan Chase veteran has initiated a targeted hiring spree, successfully luring a number of his former colleagues to the rival firm after his non-solicitation agreement with JPMorgan expired. It has already resulted in at least 10 senior investment bankers moving to Citi.
The list of high-profile recruits includes Guillermo Baygual, who was recently named co-head of global M&A, BJ Vargas as head of North American equity capital markets, Pankaj Goel as co-head of technology investment banking, Amit Nayyar as co-head of European technology banking, Alex Watkins head of technology financing and Achintya Mangla as head of financing for investment banking.
Raghavan's appointment was a centerpiece of CEO Jane Fraser's broader restructuring plan for Citigroup, which aims to streamline operations and boost the performance of its investment banking division.
The bank's investment banking fees rose 13% in the second quarter and it has gained market share, ranking fifth globally in investment banking revenue and in the first half of 2025 it ranked fourth globally among banks by M&A revenue, according to Dealogic data.
JPMorgan has also been active on the hiring front, bringing in more than 300 bankers since early 2024, with nearly a third at the managing director level, even hiring former Citi employees such as Anthony Diamandakis, a senior financial sponsors banker, and Theo Giatrakos, a Citi managing director.
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