At JPMorgan, Vis Raghavan’s people are threatening to leave. At Citi, Tyler Dickson’s

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

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The changes are related: At JPMorgan, Viswas (Vis) Raghavan, the long-time EMEA CEO and short-term head of the investment bank, announced his resignation in February. Four months later, Raghavan joined Citi as head of banking and deputy chairman.

Raghavan’s job change is causing a stir at both banks. At JPMorgan, insiders say, “Vis’ people” are looking around after their boss left. At Citi, insiders say, people are looking towards the door after Raghavan’s arrival.

Among the Raghavan-related departures at JPMorgan is Achintya Mangla. Mangla worked closely with Raghavan and was briefly head of equity capital markets at JPMorgan. He is believed to be moving to Citi. There have been rumours of other departures in JPMorgan’s London equity capital markets team. Insiders suspect that recent departures such as that of Chetan Singh, EMEA head of FIG banking at JPMorgan, who moved to Robey Warshaw earlier this month, may be linked to Raghavan’s disappearance. – Rumours suggest that Raghavan helped hire Singh two years ago.

At Citi, however, people are leaving in response to Raghavan’s arrival. As we reported today, Tyler Dickson, Citi’s head of investment banking, has left the firm to head “client relations” for Blackstone’s credit and insurance unit. Sources said several key members of his team are also expected to leave following Dickson’s departure. They include John Chirico, Citi’s longtime co-head of investment banking in North America, Douglas Adams, Citi’s equally longtime co-head of global equity capital markets, and Phil Drury, Citi’s global head of technology and communications banking. All, like Dickson, have been with Citi for three decades.

If such departures do occur, they will likely happen soon. Citi CEO Jane Fraser suggested in April that Raghavan should be tasked with “driving productivity” and achieving “disciplined growth,” and that the focus would be on leveraged finance, “technology, healthcare and industrials.” Those are the teams Raghavan may want to hire for first. His former favorites at JPMorgan should take note.

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