Citi wants more. Not just any rainmakers. The best ones. And according to its investment banking chief, the bank can have them.
Viswas “Vis” Raghavan made that clear this week. Speaking at the bank’s investor day, the former JPMorgan dealmaker who now runs global banking at Citigroup declared his team was attracting top performers. “We are attracting the best, and we can get whoever we want,” he said. Short. Direct. The kind of statement that lands with force on Wall Street.
But the confidence comes with context. Citi has spent heavily to rebuild its investment banking franchise. Operating expenses in the banking unit jumped 20% to $1.2 billion in the first quarter. Higher compensation and head count played a big role. Revenues rose 15% to $1.8 billion, helped by a 19% increase in investment banking fees to $1.3 billion. The numbers show progress. They also show the bill.
Raghavan joined Citi in early 2024. He arrived days after JPMorgan pushed him out following years of complaints about his behavior toward staff. The Australian Financial Review detailed how colleagues described explosive temper, insults that included calling people “a waste of calories,” “ignorant” or “inadequate.” Citi hired him anyway. With a package reportedly worth around $52 million. Jane Fraser, Citi’s CEO, hailed the move as proof the bank could land serious talent.
That hire set a pattern. Raghavan brought over more than ten former JPMorgan colleagues. He called the process efficient. Some saw it as a raid. The rivalry between the two banks sharpened. Yet results followed. Citi climbed back to fourth place in global and U.S. M&A league tables this year, according to Dealogic data cited by Business Insider. Momentum built.
Now Raghavan wants to press the advantage. Citi has added 60 managing directors from 20 different firms since the start of last year. Roughly half came in the U.S. The bank runs leaner deal teams than many peers. Fewer MDs per transaction. Raghavan sees a pivot point. He plans to lift the number of managing directors by about 15%. Coverage will widen. Productivity should rise. Quality of hires matters more than quantity from here.
“Going forward, quality of hires over quantity will be our focus,” he told investors. And this. “We will measure and reward those who deliver.” The words echo CEO Jane Fraser’s January memo on breaking old habits and raising standards. No one doubts the message. Execution will decide if it sticks.
New faces arrived. Pankaj Goel and Alex Watkins from JPMorgan. David Friedland from Goldman Sachs. Targeted moves. Not blanket hiring. The strategy carries risks. Compensation costs climbed. New CFO Gonzalo Luchetti addressed the expense. He pointed to “vintage curves” for talent investments. They take time to mature. The bank expects payoffs soon enough. Business Insider reported his comments in April.
Wall Street sits in a strong bonus environment. Johnson Associates projects incentive pay for investment bankers will rise 10% to 20% or more this year. A rebound in dealmaking and trading volatility fuels the optimism. Bloomberg highlighted the outlook just yesterday. Head count across the securities industry fell slightly in 2025 despite record bonus pools. Efficiency rules. Banks chase revenue without proportional staff growth.
Citi follows that script in parts. Overall head count should trend down this year thanks to artificial intelligence tools. The bank spent $2.3 billion on technology and communications in the first quarter alone. Raghavan pointed to AI as a growth driver. He cited startups Rogo and Hebbia. A mindset shift is required, he said. Not everyone will make it.
The wealth business tells a different story. Citi plans to hire more than 400 client advisors and personal bankers. Another 200 or so small business advisors will join. An AI-powered wealth advisor tool launches this summer. Different unit. Different needs. Yet the same pressure to produce.
Raghavan’s own path draws continued attention. Recent reporting revisited the JPMorgan exit and the swift Citi offer. A secret weekend negotiation. News of his departure stayed quiet for three days. By then the deal was done. The Financial Times broke details late last month. Questions linger about temperament versus results. Supporters call him driven and smart. Critics remember the complaints. Performance at Citi so far quiets some doubts. Record revenues in banking. Talent inflow. A seat at the top table.
Industry observers watch closely. Investment banking recruiting faces tight talent pools and rising pay expectations. Bonus season this year will spark movement. Disappointed bankers will shop around. Firms with stronger results gain the edge. Selby Jennings noted in its 2026 outlook that sign-on bonuses, buyouts and guarantees remain common tools for top producers.
Citi’s approach differs from pure poaching. It mixes targeted senior hires with a promise of higher standards and better rewards for output. Lean teams. Clear metrics. AI support. The serial winning mindset Raghavan promotes sounds simple. Deliver or depart. Many banks say similar things. Few tie compensation so explicitly to outcomes in public remarks.
Success isn’t guaranteed. Global tensions could defer deals. Regulatory scrutiny on big banks never fully disappears. Citi spent years fixing past problems. Fraser’s transformation effort sits 90% on target. The banking rebuild forms a key piece.
Raghavan believes the foundation exists. More MDs. Broader coverage. Hungry competitors. The statement “we can get whoever we want” carries bravado. It also signals belief that Citi now offers what top bankers seek. Platform. Pay. Opportunity to win.
Whether that holds depends on the next round of hires. And the revenue they generate. Costs are visible. The return on talent takes longer to show. Wall Street has seen these cycles before. This time Citi aims to break the pattern. Raghavan sits at the center. Confident. Focused. And very much on the clock.
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