Citigroup’s investment banking unit is climbing the Wall Street league tables under new leadership, as Viswas Raghavan pursues an aggressive hiring campaign and pushes bankers to collaborate across divisions.
Raghavan, who joined from JPMorgan Chase last year, has recruited about 15 senior dealmakers from rivals including Goldman Sachs, Morgan Stanley and HSBC.Two new M&A co-heads, Guillermo Baygual and Drago Rajkovic, both came from JPMorgan, as did other high-profile hires.
The approach is already paying off.Citi jumped to fourth place in global M&A fees this year, up from seventh in 2024, according to Dealogic.Its overall investment banking revenue share rose to 5%, pushing it to fifth place.
CEO Jane Fraser has made reviving banking a core plank of her turnaround strategy after years of lagging competitors. Raghavan needs to execute his mission by restoring market position and strengthening customer relationships. Analysts observe that Citi remains behind other banks in private equity-led deals but they believe the momentum is moving in their favor.
“Investment banking is a relationship-intense business, so people make a difference,” said Barclays analyst Jason Goldberg.Citi needs to maintain several consecutive strong quarters before investors will believe that the gains indicate a permanent shift.
