Citi Poaches Top JPMorgan Bankers, Gaining Traction in Investment Banking Fees

Beginning in mid-2024, Citigroup under CEO Jane Fraser and Head of Banking Viswas Raghavan embarked on an intentional overhaul of its investment banking arm, marked by a systematic recruitment campaign targeting several senior members of JPMorgan’s leadership. This campaign includes moves such as hiring Pankaj Goel to co-lead technology investment banking, Aloke Gupte and Alex Watkins shifting into new senior roles at Citi, and appointing Kaustubh Kulkarni to strengthen Asia-Pacific coverage. These hires reflect a conscious strategy to rebuild Citi’s global banking leadership with depth in high-growth sectors. [2][3][4][5]

The financial results are beginning to show traction: Citi’s investment banking fees rose ~13% in Q2 2025, while deal advisory revenues lifted the bank to fifth globally in investment banking and fourth in M&A revenue for the first half of 2025. These metrics allude to Citi not just making up ground but starting to reshape competitive dynamics. [1][2]

However, the strategic implications are broad. First, JPMorgan faces erosion in certain leadership roles—and with it, the potential for disruptions in client relationships tied to those leaders. Second, Citi’s gains are contingent on culture, deal pipeline, and integration; leadership hires alone don’t guarantee successful outcomes. Third, the renewed competition may accelerate innovation and specialization in the sector, especially around technology banking, equity capital markets, mid-market advisory and cross-border deals, particularly in Asia-Pacific where regulation and local network matter greatly. [5][3]

Open questions remain: Can Citi maintain momentum through the remainder of 2025 and into 2026 amid macroeconomic headwinds? Will JPMorgan’s counter-moves—including hiring back talent and fortifying junior and mid-level leadership—stem the tide? And will Citi’s investments in its leadership bench convert into sustainable returns given the cyclical nature of investment banking? These will be central to assessing long-term superiority or just short-term disruption.