Citigroup has hired Viswas Raghavan, a top JPMorgan investment banker, as its new head of global banking just weeks after he was promoted to the position of JPMorgan’s head of investment banking. Raghavan’s hiring marks the culmination of a dramatic restructuring at Citi initiated by CEO Jane Fraser last year. This restructuring resulted in 20,000 job cuts and transformed Citi from having two large business units into five operating divisions.
“Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm,” Fraser said in a memo. “Vis is the right person to take over at this pivotal moment for our banking franchise.”
