How the New Head of Citigroup Bank Is Trying To Raise Standards for Customers Like You
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Chris Adam
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Cynthia Measom
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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 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 that is poised to help her achieve this.
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