Citi has appointed former JP Morgan executive Viswas Raghavan as its new head of banking and executive vice chair, expected to join this summer.
The news was announced in a memo to employees written by Citi CEO Jane Fraser. In his new role, Raghavan will report to Fraser and will be responsible for leading one of Citi’s five core businesses – investment, corporate and commercial banking. As executive vice chair, he will help “shape and drive” Citi’s firm-wide strategy and assist Fraser with key strategic initiatives.
Raghavan will also join the bank’s executive management team and serve on the board of Citi Foundation.
He will replace Peter Babej, chair and interim head of banking, who will be assisting with the transition before retiring.
In the memo, Fraser described Raghavan as a “strategic leader who brings a strong track record of delivering results across a global banking business”. He joins from a more than 20-year-long tenure at JP Morgan, where he served as head of global investment banking, after previously working as co-head of global investment and corporate banking since 2020. Before that, he served as head of EMEA investment and corporate banking and treasury services since 2012. In addition to that, in 2017, he was also appointed CEO of JP Morgan EMEA.
He first joined JP Morgan in 2000, holding a number of senior roles in debt and equity capital markets across the globe.
“Vis is the right person to take over at this pivotal moment for our banking franchise,” Fraser wrote in the memo. “Since first announcing the structural changes last year that established our banking and international organization, we have begun to operate more efficiently and have strong momentum with clients.
“The experience Vis brings in banking and as EMEA CEO makes him the perfect partner to lead the cluster and banking heads across our global network alongside Ernesto Torres Cantú, head of international. He will also work closely with David Livingstone and our vice chairs in the client organization to ensure we are delivering a consistent and disciplined client strategy.”
