How the New Head of Citigroup Bank Is Trying To Raise Standards for Customers Like You

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Citigroup has brought in a new leader as the company looks to make big changes. Viswas Raghavan, who comes from JPMorgan Chase, is set to join Citigroup as head of banking this summer.

According to CNBC, his hiring comes amid the largest reorganization in decades at Citigroup, which has announced plans to significantly reduce its headcount in the next couple of years.

CEO’s Take on the New Hire

In announcing Raghavan’s hire, Jane Fraser, CEO of Citigroup, said Raghavan will help keep them on the path toward delivering on commitments of “expanding wallet share, seamlessly offering the full power of Citigroup to our global clients, and driving improved returns for the business.”

Given his background at JPMorgan Chase, Raghavan may be the right fit to help Citigroup transform into a leaner company. Raghavan, according to Bloomberg, “… is a dealmaker known for his scrappy streak — and little tolerance of laggards.”

In his new role, Raghavan will oversee a broad banking unit — one that was recently reorganized to streamline operations and includes investment banking, commercial banking, and corporate banking. According to Euromoney, “One area where Raghavan’s role will be critical is ensuring the connectivity between those three businesses.”

His hire also comes as Citigroup is looking to raise its standards. The bank wants to move from what some see as an underdog status to a more competitive placing with its more profitable peers, according to Business Standard.

As part of Citigroup’s efforts to better meet client expectations, the bank created a centralized client organization. One big goal with this unit is to ensure the effective delivery of all of Citigroup’s services to its clients.

In her letter about the hiring, Fraser hints at the fact that she is ready to ruffle some feathers and make even more changes. With Raghavan’s background and reputation, he’s looking like a hire who is poised to help her achieve this.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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