JPMorgan Chase & Co.’s global investment banking chief Viswas Raghavan is departing for Citigroup about a month after Chief Executive Jamie Dimon set the stage for a potential successor at the U.S.’s largest bank with a round of internal promotions.
Key Details
- Departure: Raghavan most recently worked as head of global investment banking at JPMorgan, and was previously co-head of global investment and corporate banking since 2020.
- New Role: Citigroup said Raghavan will be head of banking and executive vice chair, reporting to Chief Executive Jane Fraser.
- Achievements: Raghavan helped bring JPMorgan’s European investment bank to its No. 1 position during his tenure.
- Recent Promotions: His departure comes after Dimon promoted Jennifer Piepszak and Troy Rohrbaugh as co-chief executives of an expanded commercial and investment bank on Jan. 26.
- Succession Planning: Piepszak, Rohrbagh, and Lake have all been mentioned as potential successors to Dimon, although the current banking chief has not set any plans to step down.
Citigroup’s Restructuring Efforts
“He is a strategic leader who brings a strong track record of delivering results across a global banking business,” highlighted Fraser when speaking of Raghavan’s imminent joining.
Embracing Efficient Operations and Client Momentum
Fraser also emphasized the organization’s ongoing momentum with clients and operational efficiency improvements.
Smooth Transition Ahead
As Raghavan prepares to join the bank officially during the summer, Peter Babej, chair, and interim head of banking, will support with the transition process.
Gratitude and New Opportunities
JPMorgan Chase expressed gratitude to Raghavan for his contributions and confirmed his pursuit of opportunities outside the firm in an internal memo shared by Piepszak, Troy Rohrbaugh, and Mary Edroes, head of asset and wealth management.
Integration for Client-Centric Growth
“The new organization integrates our commercial, corporate, and investment banking franchises, better aligning our coverage of clients as they grow in size and complexity,” underscored the internal memo.
New Leadership Appointments
JPMorgan Chase announced Filippo Gori, 49, and Doug Petno, 59, as co-heads of global banking in an internal memo, bringing extensive experience to their new roles.
Established Insiders at the Helm
Gori, a JPMorgan Chase veteran since 1999 with a recent position as head of Asia Pacific banking, will relocate to London. Petno, with 33 years at the bank and commercial banking chief executive since 2012, will also oversee global banking operations.
Strategic Alignment with Senior Leadership
Gori and Petno’s appointments position them under JPMorgan Chase’s Piepszak and Rohrbaugh for enhanced strategic alignment.
Focus on Asia Pacific Market
Sjoerd Leenart’s appointment as chief executive of Asia Pacific follows his previous role as the global head of corporate banking since 2017.
