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.
Raghavan most recently worked as head of global investment banking at JPMorgan
JPM,
and was previously co-head of global investment and corporate banking since 2020.
Citigroup
C,
said Raghavan will be head of banking and executive vice chair of Citi, reporting to Chief Executive Jane Fraser.
Raghavan helped bring JPMorgan’s European investment bank to its No. 1 position during his tenure, but he wasn’t included in the new organization of the combined commercial and investment bank, according to a source familiar with the bank.
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, in a move seen as setting the stage for a potential successor.
As part of the moves last month, Marianne Lake became sole chief executive of consumer and community banking at JPMorgan.
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. Major banks must routinely craft succession plans for their boards and regulators due to their role in the U.S.’s economic machinery.
Citigroup’s Fraser said Vis [Raghavan] is another example of the bank’s ability to attract top talent as she continues efforts to restructure the bank to a more streamlined operation. The effort has generated some praise on Wall Street thus far.
“He is a strategic leader who brings a strong track record of delivering results across a global banking business,” Fraser said of Raghavan.
He’s joining an organization that has “begun to operate more efficiently and have strong momentum with clients,” Fraser said
He’ll be joining the bank officially over the summer, Fraser said, with Peter Babej, chair and interim head of banking, assisting with the transition.
JPMorgan Chase thanked Raghavan and said he’s “pursuing an opportunity outside the firm,” according to the internal memo from Piepszak, Rohrbaugh, and Mary Erdoes, head of asset and wealth management.
“The new organization integrates our commercial, corporate and investment banking franchises, better aligning our coverage of clients as they grow in size and complexity,” the memo said.
JPMorgan Chase named insiders Filippo Gori, 49, and Doug Petno, 59, as co-heads of global banking, according to an internal memo seen by MarketWatch.
Gori has been with the bank since 1999 and will relocate to London after most recently working as head of Asia Pacific banking and chief executive of the region. Petno has been chief executive of commercial banking since 2012 and has worked for JPMorgan Chase for 33 years.
Gori and Petno report to JPMorgan Chase’s Piepszak and Rohrbaugh.
JPMorgan also named Sjoerd Leenart as chief executive of Asia Pacific after he worked previously as global head of corporate banking since 2017.
JPMorgan Chase’s stock was down by 0.5% on Monday. The stock has risen by 7.7% so far in 2024, compared to a 6.5% gain by the S&P 500
SPX.
Also read: Why Jamie Dimon’s sale of $150 million in JPMorgan’s stock could be reason for caution
Read the full article here
