Citigroup's Banking Chief Accelerates Hiring Spree with Senior JPMorgan Recruits

Citi's banking chief, Vis Raghavan, has embarked on a major hiring drive, recruiting at least 10 senior investment bankers from JPMorgan Chase, including Amit Nayyar, Guillermo Baygual, and Ashish Agrawal. The recruits, all of whom held senior roles at JPMorgan, join a cohort of five other ex-JPMorgan bankers already taken on senior roles in Citi's investment bank. The drive has gone into overdrive since Raghavan's non-solicit agreement with JPMorgan expired, with Citi also recruiting from outside his former colleagues, including three senior hires from Goldman Sachs.

Key Takeaways:

• Citi has recruited at least 10 senior investment bankers from JPMorgan Chase, including Amit Nayyar, Guillermo Baygual, and Ashish Agrawal.
• All five men held senior roles in JPMorgan's investment bank.
• The recruits join a cohort of five other ex-JPMorgan bankers who have already taken up senior roles in Citi's investment bank.
• Chief among those was Achintya Mangla, who now heads financing for investment banking at Citi.
• David Lomer, a former colleague of Raghavan's, is also expected to join Citi, but his move is pending a non-solicit agreement.
• Citi has also recruited from outside Raghavan's former colleagues at JPMorgan, with three senior hires from Goldman Sachs.
• The bank has also brought in Aashish Dhakad from Ares Management to grow its direct lending business through a $25 billion private credit venture with Apollo.
• Citi's investment bank has gained market share in the past year, ranking fifth globally in investment banking revenue with a 4.5 per cent market share.
• JPMorgan has hired more than 300 bankers since early last year, with nearly a third of those roles at managing director level.

Statistics:

• At least 10 senior investment bankers have been recruited from JPMorgan Chase.
• Five of the recruits held senior roles in JPMorgan's investment bank.
• Citi's investment bank has a 4.5 per cent market share in investment banking revenue.
• JPMorgan has hired more than 300 bankers since early last year, with nearly a third of those roles at managing director level.
• Citi's investment banking fees rose 13 per cent in the second quarter.
• The bank advised on high-profile deals, including Nippon Steel's $15 billion acquisition of US Steel and Boeing's sale of parts of its aviation software unit to Thoma Bravo.
• Citi has a $25 billion private credit venture with Apollo to grow its direct lending business.

Sources:

• Bloomberg
• Dealogic
• Morgan Stanley
• The Financial Times
• ICG (Investec Group)