JPMorgan’s Visvas Raghavan has been hired by Citigroup to lead its new banking division, as deal-making activity begins to pick up. This development comes after the departure of Gregor Feige, co-head of North American technology and capital markets at Citigroup, who has left to join UBS Group AG. Representatives from both banks declined to comment on the matter.
Feige’s departure marks a significant change in the banking and finance industry, as more deals begin to close. The addition of new talent like Raghavan and the departure of Feige suggest that the sector is undergoing a shift. As the economy continues to recover, it will be interesting to see how these changes affect the market in the coming months.
Citigroup’s CEO Jane Fraser noted at an investor conference last month that sentiment had improved significantly, with several new deals being announced. However, there is usually a delay before these announcements turn into revenue for the company. Overall, positive signs are emerging in the industry, with more deals closing every day.