Citi names former JP Morgan exec Viswas Raghavan as new head of banking
Citi has hired former JP Morgan exec Viswas Raghavan as its new head of banking and executive vice chair, effective “this summer”.
Viswas Raghavan to lead banking for Citi
Raghavan is due to take charge of the group’s investment, corporate and commercial banking unit, which is described as “one of our five core businesses” in a note to colleagues delivered by Citi CEO Jane Fraser this week.
Additionally, as executive vice chair, Fraser says Raghavan will “help shape and drive our firm-wide strategy” within his newfound position on the board of Citi Foundation and the wider executive management team.
A chartered accountant, Raghavan assumes the position directly from JP Morgan, where he had most recently been serving as head of global investment banking. Prior to this, he held a variety of leadership positions across multiple divisions at the bank, including co-head of global investment and corporate banking and CEO of EMEA, among others.
Citi’s latest hire comes only two months after Fraser triggered a structural overhaul at the bank in the aftermath of what she described as its “disappointing” financial performance last quarter. This restructuring includes the axing of 20,000 jobs over the next two years.
