Citigroup Inc., a major global bank, has made a key hire to boost its investment banking business in the Asia Pacific region. On September 3, 2025, Citi announced that Kaustubh Kulkarni, a long-time executive from JPMorgan Chase & Co., will join as co-head of investment banking coverage for Japan, Asia North and Australia (JANA), and Asia South. This move comes as banks compete for more deals in Asia’s fast-growing markets.
Kulkarni, often called KK, brings 28 years of experience from JPMorgan. He started there in 1997 and held top roles like vice chairman for Asia Pacific and head of India coverage. At JPMorgan, he also led debt capital markets for Asia excluding Japan and oversaw Southeast Asia operations. His skills in mergers, acquisitions, equity, and debt deals make him a strong fit for Citi’s goals.
Kulkarni will start at Citi in December 2025, after getting needed approvals. He will be based in Singapore and report to Viswas Raghavan, Citi’s head of banking. Raghavan himself joined Citi from JPMorgan in 2024 and has been leading a hiring push to grow the team. This is part of Citi’s plan to expand in Asia amid rising deal activity.
The Asia Pacific region is seeing more mergers and stock sales as economies recover. Citi wants to grab a bigger share of this business. In recent months, the bank has hired other experts to strengthen its position. For example, Citi added staff in India, growing its investment banking team from 28 to 38 people last year. Kulkarni’s India expertise could help Citi in that key market.
Citi’s CEO Jane Fraser has focused on building wealth management and institutional services. The bank sold its consumer business in India to Axis Bank in 2023 to shift resources. Now, with hires like Kulkarni, Citi aims to lead in corporate deals across Japan, China, Australia, and South Asia.
This appointment fits a trend where banks poach talent from rivals. JPMorgan has lost several leaders to Citi lately. Analysts say it shows Citi’s commitment to Asia, where investment banking fees are climbing. In 2024, Citi’s investment banking revenue jumped 31%, helping its profits.
However, Citi faces challenges like regulatory fines in India and the U.S. Despite this, the bank is investing in tech like AI and blockchain to stay ahead. Kulkarni’s role will involve guiding teams on big deals, from company buyouts to bond sales.
