Citi Appoints JPMorgan Veteran Viswas Raghavan As Banking Head

According to Reuters’ reports, Citigroup has hired Viswas Raghavan as its head of banking after reorganising its business and reshuffling its management. In an internal memo, Citigroup CEO Jane Fraser wrote that Raghavan is expected to join the company in the summer.

In his previous role as head of global investment banking at JPMorgan, Raghavan led the company’s investment banking division.

An internal memo published by JPMorgan revealed Doug Petno and Filippo Gori were named co-heads of global banking, reorganising the business to accommodate Raghavan’s departure.

A major reorganisation is taking place at Citigroup, which is transforming its structure into five main businesses headed by a CEO with direct reporting responsibilities.

Peter Babej, who is currently in charge of banking at Citi on a temporary basis, will continue in that role until he retires later this year.

The bank’s CEO, Fraser, has introduced new leadership, including Andy Sieg from Bank of America. Citigroup plans to reduce its workforce by 20,000 employees over two years.

Raghavan, recently promoted at JPMorgan, will work with Ernesto Torres Cantú and David Livingstone in his new role at Citigroup. Last quarter, Citigroup’s banking revenue rose by 22% to $949 million.

JPMorgan’s restructuring involves merging banking divisions into one called global banking, with Petno and Gori at the helm. Gori also becomes CEO for Europe, the Middle East, and Africa.

The New York Stock Exchange-listed company is focusing on succession plans for Jamie Dimon, JPMorgan’s CEO, after the bank shuffled executives in its investment banking and consumer units in January.