The internal memo from Citigroup announced the hiring of Drago Rajkovic from JPMorgan Chase to become its new co-head of mergers and acquisitions.
The M&A global chairman position at JPMorgan was held by Rajkovic before he joined the bank where he spent more than thirty years in investment banking. The M&A division of Citi will be led by Kevin Cox and Drago Rajkovic starting September while they will split their time between New York and San Francisco.
The high-profile hire demonstrates Citi’s commitment to build its advisory franchise because global dealmaking shows inconsistent patterns. The acquisition of Informatica by Salesforce for $8 billion and the $14 billion Juniper Networks purchase by Hewlett-Packard Enterprise are two major deals that Rajkovic advised on throughout his career.
The announcement of Rajkovic’s appointment was made through a memo that Citi’s new banking head Viswas “Vis” Raghavan signed as he is a former JPMorgan executive.
The banking industry has experienced multiple leadership changes during the past few months because financial institutions need to adapt their deal teams to handle market volatility and regulatory changes and declining large transaction volumes.
