Citi Hires JP Morgan Head of Global Investment Banking & CEO of JP Morgan EMEA Viswas Raghavan as Head of Banking & Executive Vice-Chair of Citi, Leads 1 of Citi 5 Core Businesses as Head of Banking with Responsibility for Investment, Corporate & Commercial Banking, Chair & Interim Head of Banking Peter Babej to Retire
2nd March 2024 | Hong Kong
Citi has announced the hiring of JP Morgan Head of Global Investment Banking & CEO of JP Morgan EMEA Viswas Raghavan as Citi Head of Banking & Executive Vice-Chair of Citi, with Viswas Raghavan to lead one of Citi 5 core businesses as Head of Banking with responsibility for investment, corporate & commercial Banking. Joining in 2024 summer, Viswas Raghava will succeed Peter Babej, Citi Chair & interim Head of Banking, who will be retiring soon. Jane Fraser, Citi CEO: “Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm. As Head of Banking, Vis will lead one of our five core businesses, with responsibility for Investment, Corporate and Commercial Banking. In his role as Executive Vice Chair, Vis will help shape and drive our firm-wide strategy and assist me with key strategic initiatives. He will join Citi’s Executive Management Team and serve on the Board of Citi Foundation. I couldn’t be more excited to welcome Vis to our firm. He is a strategic leader who brings a strong track record of delivering results across a global banking business. Vis joins from J.P. Morgan, where he most recently was Head of Global Investment Banking, after previously having served as Co-Head of Global Investment and Corporate Banking since 2020. Prior to that, he was appointed Head of EMEA Investment and Corporate Banking and Treasury Services in 2012. In addition to his global Banking responsibilities, he was also CEO of J.P. Morgan in EMEA since 2017, working with the bank’s senior country officers and business heads to deliver for clients across all lines of business in the region. He first joined J.P. Morgan in 2000 and held senior roles in Debt and Equity Capital Markets globally. Vis grew up in India and earned a BSc degree in Physics from The University of Bombay and holds a BSc honours degree in Electronic Engineering and Computer Science from Aston University (Birmingham, UK), from where he also received an honorary doctorate. He is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales. Vis is the right person to take over at this pivotal moment for our Banking franchise. Since first announcing the structural changes last year that established our Banking & International organization, we have begun to operate more efficiently and have strong momentum with clients. The experience Vis brings in banking and as EMEA CEO makes him the perfect partner to lead the Cluster and Banking Heads across our global network alongside Ernesto Torres Cantú, Head of International. He will also work closely with David Livingstone and our Vice Chairs in the Client organization to ensure we are delivering a consistent and disciplined client strategy.” See below for Citi CEO Jane Fraser announcement:
“ Citi Hires JP Morgan Head of Global Investment Banking & CEO of JP Morgan EMEA Viswas Raghavan as Head of Banking & Executive Vice-Chair of Citi, Leads 1 of Citi 5 Core Businesses as Head of Banking with Responsibility for Investment, Corporate & Commercial Banking, Chair & Interim Head of Banking Peter Babej to Retire “
Citi Hires JP Morgan Head of Global Investment Banking & CEO of JP Morgan EMEA Viswas Raghavan as Head of Banking & Executive Vice-Chair of Citi, Leads 1 of Citi 5 Core Businesses as Head of Banking with Responsibility for Investment, Corporate & Commercial Banking, Chair & Interim Head of Banking Peter Babej to Retire
Jane Fraser, Citi CEO (26/2/24): “I am pleased to share that Viswas (“Vis”) Raghavan will join Citi as Head of Banking and Executive Vice Chair of Citi, reporting to me.
Vis is a proven leader and his appointment is another example of our ability to attract the best talent to our firm. As Head of Banking, Vis will lead one of our five core businesses, with responsibility for Investment, Corporate and Commercial Banking. In his role as Executive Vice Chair, Vis will help shape and drive our firm-wide strategy and assist me with key strategic initiatives. He will join Citi’s Executive Management Team and serve on the Board of Citi Foundation.
I couldn’t be more excited to welcome Vis to our firm. He is a strategic leader who brings a strong track record of delivering results across a global banking business. Vis joins from J.P. Morgan, where he most recently was Head of Global Investment Banking, after previously having served as Co-Head of Global Investment and Corporate Banking since 2020. Prior to that, he was appointed Head of EMEA Investment and Corporate Banking and Treasury Services in 2012. In addition to his global Banking responsibilities, he was also CEO of J.P. Morgan in EMEA since 2017, working with the bank’s senior country officers and business heads to deliver for clients across all lines of business in the region. He first joined J.P. Morgan in 2000 and held senior roles in Debt and Equity Capital Markets globally.
Vis grew up in India and earned a BSc degree in Physics from The University of Bombay and holds a BSc honours degree in Electronic Engineering and Computer Science from Aston University (Birmingham, UK), from where he also received an honorary doctorate. He is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
Vis is the right person to take over at this pivotal moment for our Banking franchise. Since first announcing the structural changes last year that established our Banking & International organization, we have begun to operate more efficiently and have strong momentum with clients. The experience Vis brings in banking and as EMEA CEO makes him the perfect partner to lead the Cluster and Banking Heads across our global network alongside Ernesto Torres Cantú, Head of International. He will also work closely with David Livingstone and our Vice Chairs in the Client organization to ensure we are delivering a consistent and disciplined client strategy.
I am confident that the momentum we have been generating will accelerate under Vis’ leadership and keep us firmly on the path towards delivering on our commitments of expanding wallet share, seamlessly offering the full power of Citi to our global clients, and driving improved returns for the business.
We expect Vis to join Citi this summer. Peter Babej, Chair and Interim Head of Banking, has agreed to assist with the transition before retiring from Citi as previously announced. I’d like to express my sincere appreciation to Peter for his excellent leadership of Banking since September. The strong franchise that Vis will take over upon his arrival is a credit to Peter as well as Ernesto and the entire Banking & International leadership team.
Please join me in congratulating Vis and welcoming him to the leadership of our firm.
Citigroup to Cut 20,000 Jobs in Next 2 Years Representing 8.3% of 240,000 Employees, Reports $1.8 Billion Net Loss for Q4 2023 & $9.2 Billion Net Profit for FY2023
17th January 2024 – Citigroup will be cutting 20,000 jobs in the next 2 years, representing 8.3% of Citigroup 240,000 employees. At the FY2023 earnings announcement, Citigroup reported $1.8 billion net loss for Q4 2023 & $9.2 billion net profit for FY2023. Citi Wealth (including Citi Private Bank & Citigold) reported net income of $5 million and Citi Banking reported net loss of $322 million for FY 2023. Citi Wealth FY2023 Results – 1) Wealth revenues of $1.7 billion decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding cost and higher investment fee revenues. 2) Private Bank revenues of $542 million decreased 10%, driven by lower deposit spreads and lower deposit and loan volumes, partially offset by higher investment revenue. 3) Wealth at Work revenues of $211 million increased 8%, driven by higher mortgage and investment revenue, partially offset by lower deposit revenue. 4) Citigold revenues of $918 million decreased 1%, as lower deposit spreads were partially offset by growth in investment revenue globally and higher deposit revenue in Asia. 5) Wealth operating expenses of $1.6 billion increased 4%, largely driven by investments in risk and controls and technology, partially offset by productivity savings. Wealth cost of credit was $4 million, as net credit losses of $31 million were largely offset by an ACL release for loans and unfunded commitments of $26 million. 6) Wealth net income was $5 million, as the lower revenues were largely offset by the higher expenses. In 2023, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. More info below:
Citigroup Reports $1.8 Billion Net Loss for Q4 2023 & $9.2 Billion Net Profit for FY2023, Citi Wealth Including Citi Private Bank & Citigold Reported Net Income $5 Million, Citi Banking Net Loss of $322 Million, To Cut 20,000 Jobs Representing 8.3% of 240,000 Employees
16th January 2024 – Citigroup has reported $1.8 billion net loss for Q4 2023 & $9.2 billion net profit for FY2023. Citi Wealth (including Citi Private Bank & Citigold) reported net income of $5 million and Citi Banking reported net loss of $322 million for FY 2023. Citigroup is also cutting 20,000 jobs, representing 8.3% of Citigroup 240,000 employees. Citigroup current market value is $100 billion (15/1/24). Citi Wealth FY2023 Results – 1) Wealth revenues of $1.7 billion decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding cost and higher investment fee revenues. 2) Private Bank revenues of $542 million decreased 10%, driven by lower deposit spreads and lower deposit and loan volumes, partially offset by higher investment revenue. 3) Wealth at Work revenues of $211 million increased 8%, driven by higher mortgage and investment revenue, partially offset by lower deposit revenue. 4) Citigold revenues of $918 million decreased 1%, as lower deposit spreads were partially offset by growth in investment revenue globally and higher deposit revenue in Asia. 5) Wealth operating expenses of $1.6 billion increased 4%, largely driven by investments in risk and controls and technology, partially offset by productivity savings. Wealth cost of credit was $4 million, as net credit losses of $31 million were largely offset by an ACL release for loans and unfunded commitments of $26 million. 6) Wealth net income was $5 million, as the lower revenues were largely offset by the higher expenses. In 2023, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. More info below:
Citi CEO Jane Fraser: “While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023. We restructured around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance. Revenues ex-divestitures grew by 4% and we met our full-year expense guidance. We increased our CET1 ratio to 13.3%, grew our Tangible Book Value per share by 6% to $86.19, and returned $6 billion in capital to our shareholders in the form of common dividends and share buybacks. Services revenues were up 16% for the year driven by share gains and client wins.
In Markets, our fourth quarter Fixed Income results were disappointing as we saw a significant slowdown in December. We had a decent quarter in Equities, particularly in Derivatives, and saw growth in Prime balances. Investment Banking revenue continued to be impacted by a weak wallet globally while activity picked up in the fourth quarter with revenues up 27%. While investment activity in Asia rebounded during the quarter, up 21%, Wealth revenues were down in 2023 and we fully recognize that this business isn’t where it needs to be. USPB was a bright spot with every product up double-digits in the quarter and up 14% overall for the year. Given how far we are down the path of our simplification and divestures, 2024 will be a turning point as we’ll be able to completely focus on the performance of our five businesses and our Transformation. We remain confident in our ability to adapt to evolving capital and macro environments to reach our medium-term targets and return capital to our shareholders, whilst continuing the investments needed for our Transformation.”
Citigroup with 240,000 Employees Announced 300 Senior Managers Job Cuts & Management Layers Reduced from 13 Layers to 8 Layers, Reduced 15% of Functional Roles & Eliminated 60 Committees, 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
23rd November 2023 – Citigroup (22/11/23: $86.1 billion market value) with 240,000 employees has announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Citigroup with 240,000 Employees to Announce Job Cuts & Management Changes, Announced 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
18th November 2023 – Citigroup (18/11/23: $86.8 billion market value) with 240,000 employees is reported to be announcing job cuts & management changes, having announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser in September 2023. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
Citigroup Announces 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser, Shahmir Khaliq as Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, Gonzalo Luchetti as Head of US Personal Banking
16th September 2023 – Citigroup has announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser, with Shahmir Khaliq appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
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