Citi Raids JPMorgan Talent as Recruitment Drive Hits Double Digits

 Citigroup’s recruitment push under banking chief Vis Raghavan has intensified, with more than ten senior investment bankers from JPMorgan Chase now making the move to Citi. The aggressive hiring marks a pivotal stage in Citi’s bid to revamp its corporate and investment banking business.

JPMorgan Exodus Accelerates

Raghavan, who spent over two decades at JPMorgan before joining Citi last year, has been tapping former colleagues since his non-solicit agreement expired. In recent weeks, Citi announced a series of high-profile hires:

• Amit Nayyar as co-head of European technology banking

• Guillermo Baygual as co-head of global M&A

• Pankaj Goel as co-head of technology investment banking

• BJ Vargas as head of North American equity capital markets

• Ashish Agarwal as senior real estate banker

These executives follow the earlier appointment of Achintya Mangla, Raghavan’s longtime deputy at JPMorgan, who now leads financing for investment banking at Citi.

Strategy Behind the Talent Grab

Industry insiders describe Citi’s moves as both strategic and political. “The first thing you are trying to do is upgrade your talent. The second thing is political. You put your people in place so that your lieutenants can push your agenda forward,” one veteran banker said.

Adding to the momentum, David Lomer, a former JPMorgan banker now at ICG, is expected to join Citi after his gardening leave ends.

Beyond JPMorgan: Other Major Hires

Raghavan’s team is not limiting its recruitment to ex-JPMorgan talent. Citi has also poached from Goldman Sachs, bringing in David Friedland, a 25-year veteran, as co-head of North America investment banking coverage. In addition, Aashish Dhakad joined from Ares Management to bolster Citi’s growing private credit business, which is expanding through a $25 billion venture with Apollo.

Market Share and Momentum

The aggressive hiring spree is already showing results. Citi’s investment banking fees climbed 13% in Q2 2025, with the bank advising on major deals including Nippon Steel’s $15 billion acquisition of US Steel and Boeing’s software divestiture to Thoma Bravo.

According to Dealogic, Citi now ranks fifth globally in investment banking revenue, holding a 4.5% market share. Speaking at a Morgan Stanley conference in June, Raghavan said Citi was “just getting started in terms of talent investment.”

The Bigger Picture

Meanwhile, JPMorgan continues to reinforce its own ranks, having hired more than 300 bankers since early 2024, nearly a third at the managing director level.

As Citi continues its hiring spree, the battle for top-tier investment banking talent is intensifying, setting the stage for a new phase of competition among Wall Street’s giants.

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