Citi’s new banking head Raghavan begins as CEO hails his ‘depth’

Citi’s new banking head Raghavan begins as CEO hails his ‘depth’

By Tatiana Bautzer

NEW YORK (Reuters) -Viswas Raghavan joined Citigroup as its new head of banking this week in New York, the lender mentioned on Tuesday, after it employed the previous head of funding banking from JPMorgan earlier this yr.

Citi’s CEO Jane Fraser has expressed excessive hopes for Raghavan, who climbed JPMorgan’s ranks from capital markets, as she seeks to show across the financial institution and revitalize its division catering to multinational companies.

In a Linkedin put up on Tuesday, Fraser welcomed the brand new government and shared a photograph with him at Citi’s headquarters. “His resolution to affix Citi displays our means to draw the most effective expertise,” she wrote.

The CEO informed shareholders in April she was delighted to welcome Raghavan and added, “we stay up for the added depth he’ll little question carry.”

Raghavan was described by two sources who labored with him as a demanding supervisor, with one noting his assured model. They declined to be recognized discussing personnel issues. Citi declined to remark.

Raghavan beforehand served as JPMorgan’s CEO within the Europe, Center East and Africa (EMEA) area, whereas additionally main its funding and company banking and treasury companies within the area. After becoming a member of JPMorgan in 2000, he held senior roles in debt and fairness capital markets.

The chief grew up in India and has bachelors levels in physics from the College of Bombay and digital engineering and laptop science from Aston College. He’s additionally a chartered accountant.

Citi’s funding banking income within the first quarter was $903 million, half of the $2 billion JPMorgan reaped in the identical interval.

The banking unit at Citi “can use a revamp,” Wells Fargo analyst Mike Mayo wrote in a be aware in February when Raghavan’s rent was introduced. The chief “may very well be interested in Citi given its giant international footprint,” taking sole accountability over a enterprise line, and dealing with simpler efficiency comparisons relative to the corporate’s historical past, Mayo wrote. The inventory is his high choose.

© Reuters. A worker exits the Citi Headquarters in New York, U.S., January 22, 2024.  REUTERS/Brendan McDermid

Citigroup has been the fifth or sixth largest international financial institution in funding banking income during the last 5 years, in keeping with Dealogic rankings. Its share in international income has been 4.8% this yr to date, up from 4.1% in 2023. The opposite giant U.S. rivals have funding banking market share above 6%.

Traders have rewarded Fraser with a 19% share value increase this yr as she carried out a sweeping overhaul. The beneficial properties outpaced a 13% enhance for an of financial institution shares in 2024.

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