Citigroup Inc. has tapped seasoned JPMorgan Chase & Co. executive Kaustubh Kulkarni as co-head of Investment Banking Coverage spanning Japan, Asia North and Australia, and Asia South, marking the latest high-profile recruitment in the bank’s ongoing effort to rebuild its dealmaking capabilities across the region.
The appointment, announced in an internal memo on Wednesday, underscores Citi’s determination to compete more aggressively in Asia’s lucrative investment banking sector, where major Wall Street firms are battling for market share amid growing deal flow and client demand.
Kulkarni, who spent nearly three decades climbing the ranks at JPMorgan, will relocate to Singapore in December pending regulatory approvals. He will share leadership responsibilities with Jan Metzger, the current regional head, in a dual-leadership structure that reflects the scope and complexity of Citi’s Asian operations. Both executives will report directly to Viswas Raghavan, Citi’s global banking head.
The hire represents a significant coup for Citi, given Kulkarni’s extensive track record in the region. At JPMorgan, he served as senior country officer for India—one of Asia’s fastest-growing financial markets—while simultaneously holding the role of vice-chair for the broader Asia Pacific region.
His career trajectory included pivotal positions such as Head of India, Head of Investment Banking India, and Co-Head of Southeast Asia Investment Banking, giving him deep relationships across the region’s corporate landscape.
Raghavan’s Recruitment Drive
The appointment forms part of a broader strategic overhaul orchestrated by Raghavan, known in banking circles as “Vis,” who joined Citi in June 2024 with a mandate to revitalize the bank’s global investment banking franchise. Since his arrival, the former Goldman Sachs veteran has pursued an aggressive talent acquisition strategy, poaching approximately 15 senior executives from rival institutions.
JPMorgan has borne the brunt of Raghavan’s recruiting efforts, though Citi has also successfully lured talent from Goldman Sachs, Morgan Stanley, Ares Management, and HSBC, according to Reuters reporting. This systematic approach reflects Citi’s recognition that rebuilding investment banking credibility requires not just capital investment but proven relationship bankers with established client networks.
Industry sources familiar with Raghavan’s strategy indicate he is pushing for greater collaboration across Citi’s various business lines, aiming to break down traditional silos and create more comprehensive client solutions. This cross-selling approach has become increasingly critical as corporate clients demand more integrated financial services and advisory capabilities.
Asian Expansion Plans
The Kulkarni appointment aligns with Citi’s broader Asian expansion blueprint. In July, Metzger revealed plans to increase the bank’s Japan headcount by 10% to 15% over the coming year, while simultaneously adding personnel in Australia. These moves signal Citi’s belief that Asia represents a key growth opportunity, particularly as Chinese economic uncertainty creates openings for Western banks to capture market share.
The timing appears strategic. Deal activity across Asia has shown resilience despite global economic headwinds, with merger and acquisition volumes and equity capital markets transactions providing steady revenue streams for investment banks. Countries like India and Japan have emerged as particular bright spots, driven by corporate restructuring, infrastructure investments, and cross-border deal flow.
Competitive Landscape
Citi’s hiring spree reflects the intensely competitive nature of Asian investment banking, where relationships and local expertise often determine success. JPMorgan, Goldman Sachs, and Morgan Stanley have long dominated key markets, making talent poaching both necessary and expensive for banks seeking to gain ground.
The dual-leadership model Citi has adopted—pairing Kulkarni with existing head Metzger—suggests recognition that the region’s complexity requires multiple relationship anchors. This structure allows for both continuity and a fresh perspective while ensuring adequate coverage across diverse markets ranging from developed economies like Japan and Australia to high-growth markets like India and Southeast Asia.
For Citi, the stakes are considerable. The bank has historically lagged behind peers in Asian investment banking, making Raghavan’s turnaround effort crucial for the institution’s global competitiveness. Success in Asia could provide the revenue growth and client relationships necessary to justify Citi’s significant investment in talent and infrastructure.
The appointment is expected to become effective in December, subject to customary regulatory approvals across the relevant jurisdictions.
WHAT YOU SHOULD KNOW
Citi has hired JPMorgan veteran Kaustubh Kulkarni as co-head of Asian investment banking, marking the 15th senior executive poached by new global banking head Viswas Raghavan since June 2024.
This aggressive talent grab reflects Citi’s determined push to rebuild its investment banking capabilities and compete more effectively against rivals like JPMorgan and Goldman Sachs in Asia’s lucrative financial markets.
The move signals Citi’s recognition that success in Asian banking requires proven relationship bankers with established client networks, not just capital investment.
