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Vis Raghavan

Vis Raghavan

VIS RAGHAVAN is a man clearly in demand. Shortly after being promoted as the sole head of JP Morgan’s mammoth global investment banking division, Raghavan was poached by rival Citigroup to head up its banking division. Raghavan will report to Citigroup CEO Jane Fraser and is expected to join this summer. In his new Citi role, Raghavan will both drive strategy and help with “key strategic initiatives”, explained Fraser in an official memo released in late February, just as the GG2 Power List was going to press. Fraser praised Raghavan as “the perfect partner” and “the right person to take over at this pivotal moment for our banking franchise”. Citigroup’s head of banking position had been one of the industry’s highest-profile vacancies, with intense speculation over who would take the helm. Based in London, Raghavan comes with over two decades of corporate finance experience.

A 23-year veteran at JPMorgan Chase, the largest investment bank globally, Raghavan was recently promoted to head of global investment banking at JPMorgan after serving as a co-head since 2020. He previously led investment and corporate banking in Europe, Middle East and Asia. Raghavan joined JPMorgan in 2000 and previously held senior roles in the lender’s debt and equity capital markets businesses, while running investment banking in Europe, Middle East and Africa.


He was in the role of JPMorgan EMEA CEO for more than six years now. As CEO for EMEA, he worked with the Senior Country Officers and business heads across JPMorgan to ensure that clients can take full advantage of the firm’s local knowledge and global capabilities, across all businesses. Following a significant reshuffle at the banking giant in September last year, certain leadership positions were restructured. In addition to other changes, the bank also made several global heads for industry groups report to Raghavan.

The top banking figure is no mincer of words and known for his straight-talking – and yet he is also often touted as one of the friendliest, approachable and articulate men you could hope to meet. Earlier, he forecasted that 2024 is going to be a “choppy year” with a lot of volatility, citing highly unpredictable geopolitical factors, such as political changes, considering half the world’s economies are heading into elections. Raghavan was recently at World Economic Forum 2024 in Davos where he explained how factors like the continuing crisis (at the time of going to press) in the Red Sea will further have an impact on global fight against inflation. Speaking with the media on the sidelines at Davos, Raghavan predicted stability for India, saying the country has been the beneficiary of global supply chain reform. Another key area where the top banker sees potential is in the Middle East region.

The top executive has forecasted that the deal making boom in the Middle East would continue, even as mergers and acquisitions activity remains muted in other parts of the world. The Gulf region has so far not been pulled into a regional conflict, and countries there are “laser-focused” on social reforms and diversifying their economies, said Raghavan, adding that the region is a “key growth area” for JPMorgan and the bank is building up its presence there. He also predicts exciting times for the UK’s healthcare and life sciences industries.

At a HealthCare Innovation Symposium, held in June last year at the bank’s Canary Wharf headquarters in London, Raghavan stated that now is the “perfect time” for investment in the UK’s healthcare sector. “Capital is available and new companies are being created. Innovation using Artificial Intelligence(AI)and big data is going to transform where this industry goes from here, so it is the perfect time for this kind of investment in the city,” he said at the event, which was also attended by Chancellor Jeremy Hunt. Additionally, Raghavan also leads a team of coverage and product bankers responsible for corporate finance, mergers and acquisitions, and capital markets. During his tenure at the JPMorgan, he held roles including head of debt and equity capital markets for Europe & Asia Pacific, head of Global equity capital markets, and most recently, head of Banking for EMEA. He was also the member of the Board of JP Morgan Securities Plc, JP Morgan Europe Limited and Chairman of the London Branch of JP Morgan Chase Bank, N.A. Raghavan was raised in India where he studied physics at the University of Bombay. He first moved to the UK to study, taking a postgraduate degree in electronic engineering and computer science at Aston University. He then worked as a systems engineer at General Signal Corporation, now a part of Fortune 500 company SPX. Before switching to a career in finance, he also qualified as a chartered accountant with Ernst & Young, and it was then that he started thinking about a career in investment banking.

Another switch soon followed, with Raghavan moving into trading convertible bonds at Lehman Brothers. After discovering a skill for explaining the complexities of equity-linked securities, he crossed into banking. Colleagues often describe Raghavan as an exceptionally diligent and demanding leader, known for his strong work ethic. His insatiable curiosity extends to scrutinising competitors, even those overlooked by others. In 2016, Aston University, where he had worked as a systems engineer, awarded him an honorary doctorate. In a 2017 press interview, he described banking as “the perfect marriage of quantitative skills and real-life business situations.

You’re at the cutting edge of strategic thinking, and there is immense satisfaction and pleasure that comes from helping clients – companies, investors, and governments– with their strategic business and funding needs.” In his new role, Raghavan will work alongside Ernesto Torres Cantú, Citi’s head of international, and David Livingstone, who leads its newly created client division. Citi’s recruitment of Raghavan is the final appointment of a big restructuring started by Fraser last year, which shifted Citi from having two large business units to five operating divisions, a shake-up that drove 20,000 job cuts at Citi. As this Indianborn Europe’s top financier takes the realm of Citigroup, it will be interesting to see how he jump-starts a comparatively underperforming business

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