Citigroup has named Viswas Raghavan, previously from JPMorgan Chase, as its new head of banking, leading to a series of changes at JPMorgan.
- Raghavan, former head of global investment banking at JPMorgan, is expected to join Citigroup in the summer, according to an internal memo by CEO Jane Fraser.
- In response to Raghavan’s departure, JPMorgan has appointed Doug Petno and Filippo Gori as co-heads of global banking, reorganizing the business.
- Citigroup is undergoing a significant reorganization and plans to reduce its headcount by 20,000 over the next two years.
- Fraser, Citigroup’s CEO, has brought in new leadership to support the overhaul, including Andy Sieg, who joined from Bank of America to lead the wealth division.
- Raghavan’s appointment is seen as a testament to Citigroup’s ability to attract top talent, and Peter Babej will remain in the transitional role of interim head of banking until his retirement later this year.
- The restructuring at JPMorgan includes merging commercial, corporate, and investment banking under one division called global banking, with Petno and Gori at the helm.