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At JPMorgan, Vis Raghavan's people are threatening to go. At Citi, Tyler Dickson's are

If you work in investment banking for either JPMorgan or for Citi, 2024 has been a year of change. 

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The changes are not unrelated: at JPMorgan, Viswas (Vis) Raghavan, the long-time EMEA CEO and brief head of the investment bank, announced he was leaving in February. Four months later, Raghavan arrived at Citi as head of banking and executive vice chair. 

Raghavan's change of job is creating ripples at both banks. At JPMorgan, insiders say "Vis's people" are looking at the exits now that their leader has gone. At Citi, insiders say people are eyeing the door now that Raghavan has arrived. 

JPMorgan's Raghavan-related departures include Achintya Mangla. Mangla worked closely with Raghavan and was briefly head of equity capital markets at JPMorgan and is thought to be joining Citi. There have been rumbles of other departures in JPMorgan's London equity capital markets team. Insiders suggest that recent exits such as that of Chetan Singh, JPMorgan's EMEA head of FIG banking, who quit earlier this month for boutique Robey Warshaw may be related to Raghavan's disappearance. - Raghavan is rumoured to have helped hire Singh two years ago. 

At Citi, on the other hand, people are leaving in response to Raghavan's arrival. As we noted today, Tyler Dickson, Citi's head of investment banking at Citi, has left to run “client relations” for the credit and insurance unit of Blackstone. Now that Dickson's gone, sources say various key members of his team are expected to disappear too. They include the likes of John Chirico, Citi's very long-serving co-head of investment banking in North America, Douglas Adams, Citi's equally long-serving co-head of global equity capital markets, and Phil Drury, Citi's global head of technology and communications banking. All have been at Citi for three decades, along with Dickson. 

If the exits occur, they're likely to happen soon. Citi CEO Jane Fraser suggested in April that Raghavan will be tasked with "driving productivity" and "disciplined growth" and that the focus will be on leveraged finance, "tech, healthcare and industrials." These are the teams Raghavan may want to hire new people for first. His former JPMorgan favorites should take note. 

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AUTHORSarah Butcher Global Editor
  • Mi
    MissyB
    10 July 2024

    Very interesting….

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