Citigroup Appoints Guillermo Baygual as Co-Head of M&A to Boost Investment Banking

Citigroup has appointed Guillermo Baygual, a veteran banker with over 25 years at JPMorgan Chase, as co-head of its mergers and acquisitions (M&A) division. This strategic hire is part of Citigroup's ongoing efforts to bolster its investment banking capabilities under the leadership of Viswas Raghavan, who joined the bank in 2024.

Baygual's extensive experience at JPMorgan included serving as the global co-head of the infrastructure and strategic investors group. His appointment aligns with Citigroup's broader initiative to enhance its M&A operations, especially as the market anticipates a resurgence in dealmaking activities.

Since his arrival, Raghavan has spearheaded a significant recruitment drive, bringing in over 15 senior executives from major financial institutions, including JPMorgan, Goldman Sachs, Morgan Stanley, Ares Management, and HSBC. Notable hires include Amit Nayyar, Drago Rajkovic, and Pankaj Goel. This aggressive talent acquisition strategy aims to position Citigroup as a formidable player in the investment banking sector.

In the first half of 2025, Citigroup ranked fourth globally for M&A revenue and fifth in overall investment banking revenue, according to Dealogic data. The bank has been involved in several high-profile deals this year, such as advising on Charter Communications' acquisition of Cox Communications and a private equity transaction involving Walgreens Boots Alliance.

The appointment of Baygual comes amid expectations of a revival in dealmaking activity later this year, as companies begin to look beyond economic uncertainties such as tariffs and antitrust challenges. Citigroup's strategic hires and enhanced M&A capabilities may lead to increased competition among major financial institutions, potentially resulting in more favorable terms for clients.

Citigroup's CEO, Jane Fraser, has expressed confidence in the bank's robust M&A pipeline, noting that the firm is advising on seven of the year's ten largest investment banking transactions. This strategic focus on strengthening the investment banking division is a key component of Fraser's broader turnaround strategy for the global banking giant.

As Citigroup continues to invest in top-tier talent and expand its M&A operations, the bank is well-positioned to capitalize on the anticipated resurgence in dealmaking activities, further solidifying its standing in the competitive financial sector.