Paul J. Davies, Columnist

Citigroup’s New Banking Chief Must Relish a Challenge

The JPMorgan veteran faces a tough task in reviving revenue at his new firm.

February 27, 2024 at 1:20 PM UTC

Corrected

February 27, 2024 at 5:49 PM UTC

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Up for the fight? Viswas Raghavan, Citigroup’s incoming head of banking
Photographer: Jason Alden/Bloomberg

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Viswas Raghavan is a great hire for Citigroup Inc. but, boy, does he have his work cut out to help his new employer along its road to renewal.

Raghavan is a 20-plus-year veteran of JPMorgan Chase & Co. who held a string of senior leadership roles over the past decade, finishing up as head of global investment banking and chief executive officer for Europe, Middle East and Africa. He was well respected at JPMorgan, but its solid bench of leaders-in-waiting meant he wasn’t so hard to replace.