Viswas Raghavan Leaves JPMorgan for Citigroup as Investment Banking Heads Experience Shift

Viswas Raghavan, who played a pivotal role in strengthening JPMorgan Chase & Co.'s European investment banking sector, is set to leave his position as the global head of investment banking to join a top role at Citigroup. This move occurs shortly after a high-level reshuffling at JPMorgan possibly indicating potential successors to the current CEO.

Transition to Citigroup

Raghavan will join Citigroup as its head of banking, serving as an executive vice chair under CEO Jane Fraser. Citigroup believes Raghavan's impressive track record and strategic leadership qualities will contribute to their ongoing restructuring efforts for more streamlined operations. Scheduled to start in the summer, Raghavan's transition will be supported by current chair and interim head of banking, Peter Babej.

Rise to Success at JPMorgan

At JPMorgan, Raghavan held significant roles, including co-head of global investment and corporate banking since 2020, bringing the bank's European investment bank to a leading position. However, he was not included in JPMorgan's newly consolidated commercial and investment banking unit, following the internal promotion of Jennifer Piepszak and Troy Rohrbaugh as co-CEOs of the merged entity. The appointment of Marianne Lake as sole CEO of consumer and community banking was also part of these key promotions.

Promotion of Insiders at JPMorgan

In the wake of Raghavan's departure, JPMorgan has promoted Filippo Gori and Doug Petno as co-heads of global banking, placing them under the supervision of Piepszak and Rohrbaugh. Gori, a veteran at the bank since 1999, will move to London from his current role as head of Asia Pacific banking. Petno boasts an extensive career at JPMorgan Chase, serving as chief executive of commercial banking since 2012. Additionally, Sjoerd Leenart has been appointed as chief executive of Asia Pacific after serving as the global head of corporate banking.

The executive movements point towards JPMorgan's intention to integrate its commercial and corporate banking services better, focusing on client growth and complexity. It also sheds light on the bank's ongoing strategy for potential succession planning for CEO Jamie Dimon, although there is no indication of his impending retirement.

Banking, Leadership, Transition