Citi poaches JP Morgan’s London investment chief

CITIGROUP has poached one of London’s best-known investment bankers from rival JP Morgan in a major coup for the lender’s boss, Jane Fraser.

Ms Fraser, who was born in Scotland, has hired JP Morgan’s head of global investment banking Viswas Raghavan to head up Citi’s newlyformed banking division following a recent overhaul.

Mr Raghavan’s move has taken the banking sector by surprise after he was appointed to his new role at JP Morgan just last month.

His appointment will boost Ms Fraser’s attempt to restructure Citi’s sprawling empire, as the former Goldman Sachs banker tries to correct years of underperformance.

In December, she laid out a plan to cut 20,000 jobs and simplify the Wall Street bank into five divisions: banking, services, wealth management, markets and personal banking.

Mr Raghavan will oversee the banking division and take responsibility for its dealmaking arm, which has a major presence in London’s financial district.

“Vis is the right person to take over at this pivotal moment for our banking franchise,” Ms Fraser said. “I am confident that the momentum we have been generating will accelerate under Vis’ leadership and keep us firmly on the path towards delivering on our commitments.”

Mr Raghavan, who was born in India, is a familiar face in the City having worked at JP Morgan since 2000.

He has been a frequent visitor to 10 Downing Street over the years, including representing the US during a reception hosted by former prime minister Theresa May to mark the then president Donald Trump’s state visit in 2019.

Mr Raghavan is due to begin his new role in the summer.

JP Morgan said Italian Filippo Gori, who was heading up the bank’s Asia Pacific work, would replace Mr Raghavan. He will leave Hong Kong for London and become European chief executive. He will also co-head the investment bank alongside Doug Petno, who is based in New York.

Mr Raghavan’s new role is likely to invite comparisons between JP Morgan and Citi, two of Wall Street’s “big five” – which includes Goldman Sachs, Bank of America and Morgan Stanley.

At £530bn, JP Morgan dwarfs Citi’s £100bn valuation.

However, Mr Raghavan’s new role is likely to be more expansive given the number of geographies and staff he will now oversee.