It’s been a while, but it’s still going on: Vis Raghavan at Citi is still hiring from JPMorgan. His latest hire is the sort of person everyone at Citi will want to know, but he does not come from JPMorgan directly.
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Chris Roberts has arrived at Citi as a managing director and head of the ‘financing forum.’ In this capacity, he says he will be “responsible for assessing and approving financing transactions for Citi clients globally.” If a deal gets financed, it will be because Roberts approved it.
It’s been a while since Roberts worked in a bank, but the memories presumably run deep. Roberts was at JPMorgan from 2007 to 2018 and was latterly the London based head of EMEA equity capital markets execution. Raghavan was Citi’s EMEA head of ECM from 2002. He and Roberts are likely already acquainted.
Since leaving JPMorgan, Roberts spent two and half years at Moelis & Co. until 2020 and then the past years running an independent advisory firm and two years working for Hong Kong Exchanges and Clearing Ltd in London. His new big Citi job is a banking homecoming.
Raghavan said in September that he is “cheap” when he hires at Citi. Roberts possibly fits this category because he has been self-employed since August and will not have a bonus to buy-out.
Speaking to the Wall Street Journal last year, Raghavan said Citi needed to take more risks with its lending if it wants to win deals. The bank has done badly in M&A so far this year. Roberts’ arrival may herald a new period of looser financing, and a resultant revival.
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