Citigroup made a significant statement on July 29, 2025, by announcing a strategic expansion of its investment banking leadership team, highlighted by the hiring of Pankaj Goel from JPMorgan Chase. Goel, who previously held the title of global chair of Technology Investment Banking at JPMorgan, has been tapped to co-lead Citi’s technology investment banking division alongside Mark Keene, the current head of the bank’s tech coverage. This leadership reshuffle reflects Citigroup’s intent to escalate its influence in the technology sector and more broadly across its investment banking operations.
Pankaj Goel brings more than 20 years of experience in high-profile technology transactions. His career is marked by a strong track record advising major technology companies on transformative deals, including Altair’s $10.6 billion sale to Siemens and the $6 billion acquisition of Altium by Renesas. He also played a pivotal role in Intel’s $11 billion joint venture with Apollo Global Management. These transactions have positioned Goel as one of the most seasoned technology dealmakers on Wall Street, and his recruitment signals Citi’s ambition to aggressively pursue a greater share of tech-sector mergers, acquisitions, and financings.
Goel’s hire is part of a broader talent acquisition strategy at Citi, spearheaded by Viswas “Vis” Raghavan, the firm’s newly appointed head of banking. Raghavan himself is a former JPMorgan executive who joined Citi with a mandate to sharpen the bank’s global investment banking competitiveness. Under his leadership, Citigroup has initiated a flurry of high-profile hires, especially from its top-tier competitors. The aim is to bolster capabilities across all major areas of corporate advisory, capital raising, and sector-specific coverage.
Earlier this month, Citi also appointed Bernal Vargas to lead its North American equity capital markets division. Vargas, who also comes from JPMorgan where he led cash equity sales for the Americas, will be based in New York and is expected to formally assume his new role later this year. He brings with him a deep understanding of equity distribution, initial public offerings, and capital structure optimization—critical skills at a time when IPO activity and secondary offerings are beginning to recover in a stronger macroeconomic environment. His résumé includes earlier stints at Merrill Lynch and Goldman Sachs, making him well-versed in both the institutional and retail investor landscapes.
In a related move, Citi announced in June the appointment of Drago Rajkovic, another veteran JPMorgan banker, to serve as co-head of its global mergers and acquisitions group. Rajkovic, who is set to join in September, has more than three decades of experience advising multinational corporations on strategic transactions. His notable dealmaking history includes major tech and industrial transactions, such as Salesforce’s $8 billion acquisition of Informatica and Hewlett Packard Enterprise’s $14 billion purchase of Juniper Networks. Based between New York and San Francisco, Rajkovic’s bi-coastal presence is expected to help Citi bridge regional client relationships and cultivate new business in both established and emerging M&A markets.
These personnel moves come at a time of renewed optimism in the investment banking sector. Citigroup’s own financial results reflect this upturn. In the first quarter of 2025, the bank reported a 13 percent increase in overall investment banking fees compared to the same period last year. Notably, its mergers and acquisitions advisory fees surged by 84 percent, buoyed by marquee transactions such as Charter Communications’ $21.9 billion merger with Cox Communications and Boeing’s $10.5 billion divestiture of its Jeppesen navigation business. These results have encouraged the firm to deepen its talent bench in anticipation of continued momentum.
The arrival of Goel, Vargas, and Rajkovic is part of Citi’s deliberate effort to assert itself more forcefully in high-growth sectors, particularly technology. Goel’s addition is especially timely, as technology firms continue to drive much of the global M&A volume, with strategic players and private equity firms eager to consolidate, invest in AI platforms, and expand digital capabilities. Citi believes that Goel’s deep relationships in Silicon Valley and experience structuring complex cross-border deals will be instrumental in expanding the bank’s presence in these areas.
However, the aggressive hiring strategy is not without its challenges. Industry observers note that such a concentration of high-level recruiting from a single rival—JPMorgan—could intensify competitive tensions in the banking world. JPMorgan has already begun countermeasures by bringing in former Citi executives and bolstering its own sponsor finance team. Moreover, while Citi is gaining ground, it still lags behind peers like Goldman Sachs and JPMorgan in investment banking fee rankings. In the second quarter of 2025, JPMorgan earned more than double Citi’s investment banking fees, highlighting the significant ground Citi must cover to fully reposition itself among the top advisory firms.
Still, the tone at Citigroup remains optimistic. Investors and analysts alike view these leadership moves as part of a longer-term strategy to revitalize the bank’s investment banking identity, expand its footprint in profitable sectors, and tap into new dealmaking ecosystems. With improving global economic conditions and a buoyant equity market, the timing of these additions could allow Citi to capitalize on a wave of corporate activity expected to persist into 2026.
The combination of deep-sector expertise, established client relationships, and leadership alignment makes this new phase at Citigroup one of the most closely watched talent transformations on Wall Street. As Goel, Vargas, and Rajkovic integrate into Citi’s platform and begin executing new mandates, the financial world will be watching to see if this restructured team can deliver the results the bank is aiming for—both in terms of deal volume and market stature.
