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Citibank
SINGAPORE – In a significant move to bolster its leadership and market position in a critical region, global financial giant Citibank has announced the high-profile appointment of Kaustubh Kulkarni as Co-Head of Investment Banking for Japan, North Asia, Australia, and South Asia. This strategic hire, poaching a seasoned veteran from rival JPMorgan, signals Citi’s intensified focus on capturing a larger share of the dynamic Asia-Pacific banking market. The appointment of Kaustubh Kulkarni is the centerpiece of a broader leadership expansion designed to drive growth and enhance client services across the continent.
Kulkarni, who will be based in Singapore, is scheduled to join Citi in December 2024, pending necessary regulatory approvals. Upon his arrival, he will share the role of Co-Head of Investment Banking with Jan Metzger, Citigroup’s current Head of Investment Banking for the Asia-Pacific region. This dual-leadership structure is intended to leverage a wider range of expertise and networks to navigate the diverse and complex markets across Asia.
A Decades-Long Veteran from JPMorgan
The appointment of Kaustubh Kulkarni brings nearly three decades of invaluable experience and deep regional knowledge to Citibank. His long and distinguished career at JPMorgan saw him hold several pivotal leadership roles, each building upon the last to create a banker with a comprehensive understanding of the Asian financial landscape.
Most notably, Kulkarni served as the Chief Executive Officer for JPMorgan India, where he was responsible for the firm’s overall franchise and strategy in one of the world’s fastest-growing major economies. Prior to that, he was the Head of Investment Banking for India and, subsequently, the Co-Head of Investment Banking for Southeast Asia. This progression demonstrates a proven track record of managing complex operations, building client relationships, and executing major financial transactions across the very regions he will now oversee for Citi. His deep-rooted connections and understanding of local business cultures are undoubtedly key assets that Citibank sought.
Strategic Expansion Beyond a Single Hire
The recruitment of Kaustubh Kulkarni is not an isolated event but part of a concerted strategy to inject top-tier talent into Citi’s Asia-Pacific operations. The bank has made two other key appointments to reinforce its investment banking and capital markets teams.
Earlier in August, Citi secured Vikram Chavali from Goldman Sachs, where he was the Head of Mergers and Acquisitions (M&A) for Asia ex-Japan. Chavali has been appointed as a Managing Director and Head of Global Asset Managers (GAM) for Japan, Asia, and Australia. He is expected to join later in the year and will be based in Hong Kong. His expertise in M&A will be crucial for advising asset management clients on strategic transactions.
Furthermore, Citi has appointed Deepak Dangayach as a Managing Director and Co-Head of Debt Capital Markets for Asia and Australia. Dangayach will also be based in Hong Kong upon joining later this year. This role is critical for helping corporate and institutional clients raise capital through debt instruments, a core and lucrative business for any global bank.
Building on a Foundation of Strong Performance
This leadership overhaul comes at a time of robust performance for Citi’s investment banking division. The bank’s strategic investments in talent are clearly designed to build upon existing momentum rather than simply stem losses.
According to Citi’s most recent second-quarter earnings report, investment banking revenues saw a significant 15% year-on-year increase, reaching $981 million. This growth was primarily driven by a 13% rise in fees, reflecting particularly strong performances in the Advisory and Equity Capital Markets (ECM) sectors. The positive trajectory indicates that the bank’s current strategy is working, and the new appointments aim to accelerate this growth further.
The broader context also underscores the region’s importance. Year-to-date, Citi has raised close to $200 billion for Asia-Pacific clients from both local and global capital markets, as per data from financial analytics firm Dealogic. This staggering figure highlights the immense volume of activity in the region and the fierce competition among banks to lead these transactions.
The appointment of Kaustubh Kulkarni and his new colleagues represents a powerful statement of intent from Citibank. By bringing in established leaders with proven regional success, the bank is positioning itself to compete more aggressively for the region’s most prestigious and profitable mandates, ensuring its investment banking franchise remains a dominant force in the Asia-Pacific for years to come.
Read More @ economictimes
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