(Bloomberg) -- Citigroup Inc. hired former JPMorgan Chase & Co. banker Achintya Mangla in a newly created senior role, a sign that a key deputy to Chief Executive Officer Jane Fraser is trying to make his mark atop the Wall Street bank.
Mangla, the former global head of equity capital markets at JPMorgan, will join Citigroup as head of financing for investment banking on Wednesday, according to a memo sent to staff by head of banking Vis Raghavan and seen by Bloomberg News.
He’ll be responsible for the bank’s global debt and equity capital markets, as well as syndicate and private capital markets.
Mangla will be reunited with Raghavan, his former boss, who joined Citigroup as head of banking — one of the bank’s newly formed five businesses — in the summer.
Raghavan is tasked with upping returns at Citigroup as part of Fraser’s transformation plan. Revenues at the bank have significantly lagged rivals such as Raghavan’s previous employer JPMorgan, where he was global co-head of investment banking.
Mangla left JPMorgan in April after more than 22 years at the bank. Citigroup’s head of global debt capital markets Rich Zogheb will report to him, as will co-heads of global ECM Doug Adams and James Fleming.
©2024 Bloomberg L.P.
