Citigroup Reinforces M&A Muscle With High-Profile JPMorgan Recruit

20 June 2025

Viswas RaghavanPhotographer: Jason Alden/Bloomberg

Citigroup has taken a bold stride in its ambitions to dominate the mergers and acquisitions space by recruiting Drago Rajkovic, the seasoned M&A specialist from JPMorgan Chase. Scheduled to join as co-head of M&A this September, Rajkovic will partner with veteran Kevin Cox, bolstering Citigroup's global advisory lineup amid an increasingly competitive deal-making environment.

At over 30 years of direct deal experience, Rajkovic arrives with an impressive track record. Most recently he served as global chairman of M&A at JPMorgan, orchestrating landmark transactions such as Salesforce’s $8 billion acquisition of Informatica and Hewlett-Packard Enterprise’s $14 billion takeover of Juniper Networks. In an industry where credibility and strategic acumen are paramount, his move to Citi is testament to the bank’s ambition to elevate its deal-doing brand.

Citigroup’s banking chief, Vis Raghavan, himself a JPMorgan alumnus confirmed the hire via an internal memo and underlined the expectation that Rajkovic will operate from both New York and San Francisco. This bicoastal presence aligns with Citigroup’s strategy to consolidate its cross-border advisory footprint while tapping into vibrant West Coast technology deal flow.

The market for M&A advisory is heating up as companies pivot to transformative acquisitions and divestitures. After a slow start to the year, deal activity picked up in late spring and Citi has positioned itself to capture this momentum. The addition of Rajkovic sends a message to clients and competitors alike: Citi is serious about winning complex, high-stakes mandates.

Rajkovic’s arrival comes at a pivotal moment. With global economic uncertainty persistently high, advisory banks are pivoting to focus on large, strategic M&A. Citigroup’s previous headcount in this arena was modest compared to its competitors. Now, with Rajkovic at the helm alongside Cox, Citi is signaling that it is ready to contend for blockbuster assignments particularly in sectors where mega-deals and digital disruption are abundant.

JPMorgan’s loss is Citi’s gain. While Rajkovic’s departure doesn’t diminish JPMorgan’s corner in global M&A, it does highlight mitigation by rivals. Citi gains valuable insight into JPMorgan’s internal playbook, offering an edge in competing for deals. Moreover, Rajkovic’s network spanning private equity, corporate decision-makers, and sponsors, augments Citi’s ability to pitch for multi-billion-dollar transactions.

The move is far from a symbolic shift. Leading an M&A unit requires unmatched deal discipline, regulatory understanding, and client trust. Rajkovic’s dual role in New York and San Francisco grants advisors access not only to Wall Street’s deal muscle but also Silicon Valley’s innovation pipeline, spanning software, biotech, and energy-tech transactions.

Behind the scenes, Citigroup has been reinforcing its corporate banking infrastructure, capital markets execution, and cross-border financing teams. The bank has invested in teams in London and Hong Kong, hoping to convert advisory mandates into financing deals, a model that thrives under interlinked investment banking offerings.

What’s missing is quantifiable evidence of success post-Rajkovic. While Citi did not publicly disclose financial targets for its M&A unit, the strategic hire suggests expectations of profitable growth. Analyst attention will now turn to whether deals led by Rajkovic and Cox can outperform peers in terms of both size and complexity.

Compensation is another critical factor. Top-tier M&A leadership packs high price tags, but the incentive lies in revenue share from major assignments and merchant banking fees. Citi’s appetite for deploying capital to retain deal talent reflects a long-term vision centered on advisory growth.

Timing is of the essence. With M&A stability returning after pandemic-induced volatility, the window is open. Companies in technology, healthcare, industrials, and energy are seeking merger and acquisition solutions to bolster scale or adapt to structural trends. Citi’s ability to pair global financial firepower with Silicon Valley insight could produce a lucrative run of mandates.

Rajkovic isn’t the only high-profile hire shifting the competitive landscape. Rival institutions have aggressively courted senior bankers, with Goldman Sachs, Morgan Stanley, and BofA likewise adding senior M&A talent. For Citi, however, this senior-level hire constitutes a decisive statement—an elevation of ambition and readiness for high-stakes turf.

If Rajkovic delivers deals that reflect his pedigree, Citi’s M&A credibility will take a significant leap. This could include taking lead roles in transformative technology mergers, airline consolidations, or major cross-border energy transactions. The bank needs stories of innovative structuring, swift execution, and advisory leadership to gain momentum.

Looking ahead, Q4 2025 will mark the first performance barometer. Will Citi win strategic assignments in its expanded sectors? Will revenue targets in global M&A be met? And can the banker lineup deliver client value that translates into tangible, repeatable success?

Citigroup's hiring of Drago Rajkovic is more than a personnel upgrade; it is a strategic inflection in their M&A ambition. With high expectations riding on a new leadership duo and sector expansion, Citi’s next moves in dealmaking will reveal whether it can secure its place among the elite in global advisory services.