Citi has appointed banking veteran Kaustubh Kulkarni as co-head of its Investment Banking Coverage for Japan, Asia North and Australia, and Asia South, marking the latest strategic move in the bank’s ambitious global expansion efforts. This appointment represents a significant milestone in Citi’s ongoing transformation under global banking head Viswas Raghavan.
The announcement comes as Citi continues its aggressive recruitment strategy, targeting top-tier talent from leading financial institutions. Kulkarni, who will join in December subject to regulatory approvals, will be based in Singapore and serve alongside current head Jan Metzger.
Kulkarni’s Distinguished Career Path
Before joining Citi, Kulkarni spent nearly three decades at JPMorgan Chase, where he built an impressive track record in investment banking across Asia Pacific markets. He was most recently the company’s senior country officer for India and vice-chair of Asia Pacific region.
His extensive experience includes several high-profile leadership positions at JPMorgan:
- Head of India operations
- Head of Investment Banking India
- Co-Head of Southeast Asia Investment Banking
- Vice-Chair of Asia Pacific region
This wealth of experience positions Kulkarni perfectly to drive Citi’s investment banking initiatives across one of the world’s most dynamic financial regions.
Raghavan’s Strategic Vision Takes Shape
The appointment reinforces the transformation strategy implemented by Viswas Raghavan since joining Citi in June 2024. Raghavan is pushing to strengthen the bank’s dealmaking team and urging executives to collaborate across business lines to drive more transactions and opportunities.
Under Raghavan’s leadership, Citi has embarked on an unprecedented hiring spree. Since joining Citi in June 2024, Raghavan has recruited about 15 senior executives from competitors, most of them from JPMorgan, demonstrating the bank’s commitment to building world-class talent.
Asia Pacific Expansion Plans
The region represents a crucial growth opportunity for Citi’s investment banking division. The bank is bolstering its Asia Pacific investment banking team, planning to raise its headcount in Japan by as much as 10% to 15% over the next year and make new hires in Australia.
This expansion strategy reflects broader market trends in the region, where growing economies and increasing cross-border transactions create substantial opportunities for investment banking services.
Collaborative Leadership Structure
Kulkarni will work alongside Jan Metzger in a co-head arrangement, fostering collaborative leadership that leverages diverse expertise and market knowledge. Both will report to global banking head Viswas Raghavan, ensuring seamless integration with Citi’s global strategy.
This dual leadership model has proven effective in other regions, allowing banks to combine local market expertise with global best practices.
Broader Industry Context
The appointment occurs amid intensifying competition for top investment banking talent across major financial centers. Other big hires were two new co-heads of M&A, Guillermo Baygual and Drago Rajkovic, as well as Pankaj Goel, co-head for technology investment banking.
These strategic appointments demonstrate Citi’s determination to compete effectively with industry leaders and capture market share in key regions.
Market Impact and Future Outlook
Industry analysts view these appointments as positive indicators of Citi’s commitment to investment banking excellence. The combination of experienced leadership and regional expertise positions the bank to capitalize on emerging opportunities across Asia Pacific markets.
The timing proves particularly strategic as regional economies show signs of renewed growth and cross-border investment activity increases. Kulkarni’s appointment as Citi co-head strengthens the bank’s ability to serve multinational clients and execute complex transactions across diverse markets.
As Citi continues building its investment banking capabilities, market observers will closely monitor the impact of these leadership changes on the bank’s competitive position and financial performance in the coming quarters.