Vis Raghavan & Achintya Mangla: cutting Citi's outperforming DCM bankers
This time last year, Citi was preparing to thin the ranks of its investment bank as part of CEO Jane Fraser's Bora Bora cuts. In the wake of those cuts, the bank restructured its debt capital markets (DCM) team in March 2024, and - among other things - made Colm Rainey head of corporate and financial institutions group debt capital markets for UK & Ireland in the process.
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Today, Rainey is out. So too, says Financial News, are Christian Rose, an MD in Stockholm, Santhi Athreya, head of corporate DCM for France, Belgium and Luxembourg and at least three other directors, including - we understand Bruno Sáenz de Miera, head of debt capital markets for Iberia, although this has not been confirmed.
The exits come after Citi hired Vis Raghavan from JPMorgan and then Raghavan hired Achintya Mangla, also from JPMorgan. Raghavan then made Mangla 'head of financing for investment banking,' covering global debt capital markets (DCM) and equity capital markets (ECM), syndicate and private capital markets, even though Mangla mostly had a pure ECM background at JPMorgan.
Raghavan and Mangla now appear to be setting to work with their own restructuring of Citi's investment bank and are seemingly combining FIG DCM and corporate DCM. Earlier this month, Jens Welter, was moved to the US to run US investment banking coverage as part of a new executive team created by Raghavan. Welter's previous career was in Europe.
Raghavan's restructuring at Citi comes despite the fact that the bank's M&A and DCM bankers have done very well this year. DCM revenues at Citi were up 74% year-on-year in the first nine months, more than at any other bank to report so far. Nor have Citi's EMEA DCM bankers underperformed - at 5.1% in the first nine months, their market share is 400 basis points up on last year.
The exits of Rainey, Rose and Athreya may therefore be a surprise. All the more so as Rose was only promoted to MD last year after joining Citi ten years previously.
Citi declined to comment.
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