Leadership Appointment Signals Strategic Push 🚀

Citi has named JPMorgan veteran Kaustubh Kulkarni as co-head of its Investment Banking Coverage across Japan, Asia North and Australia (JANA), and Asia South. Starting in December, pending regulatory approvals, Kulkarni will be based in Singapore, working alongside Jan Metzger and reporting to Viswas Raghavan, Citi’s global head of banking. This move is designed to accelerate dealmaking and deepen client coverage across the Asia-Pacific region. 📈

Why This Matters 🔍

Citi’s appointment of Kulkarni aligns with its intensified focus on APAC investment banking. Under Raghavan’s leadership, Citi has hired approximately 15 senior leaders from rivals over the past year to strengthen advisory, equity capital markets (ECM), and regional coverage. The bank plans to increase headcount in Japan by 10%–15% and add talent in Australia to capture rising deal flow. 💼

Who is Kaustubh Kulkarni? 🧑‍💼

Kaustubh Kulkarni brings nearly three decades of experience from JPMorgan, where he served as senior country officer for India and vice-chair for Asia Pacific. His previous roles include head of India investment banking and co-head of Southeast Asia investment banking. Kulkarni’s expertise in cross-border M&A, capital markets, and board-level advisory is expected to boost Citi’s wallet share in APAC’s growth verticals. 🌟

Citi’s Strategic Goals 🎯

Citi aims to scale its advisory and ECM capabilities in key markets like Japan, India, Southeast Asia, and Australia, where regulatory nuances and sector specialization are critical. The bank has mobilized nearly $200 billion for APAC clients in 2025, reflecting momentum it seeks to build upon with its refreshed leadership team. 📊

Leadership Structure and Reporting Lines 🤝

Kulkarni will co-lead with Jan Metzger, who has led the region’s coverage since late 2023. Both report to Viswas Raghavan, ensuring alignment between regional origination and global product teams. This partnership-driven structure connects sector specialists, country heads, and product leads to improve bid-to-win ratios on high-profile deals. 🔗

Market Context and Timing ⏰

Citi’s APAC investment banking revenues rose 15% year-over-year in Q2 2025 to $981 million, driven by stronger advisory and ECM fees. The appointment of Kulkarni, alongside hires like Vikram Chavali and Deepak Dangayach, positions Citi to capitalize on an upcycle in regional deal activity, particularly in Japan and Australia. 🌐

Case Study: Japanese Outbound M&A 🌍

Japanese corporates are increasingly pursuing outbound M&A, driven by governance reforms and strategic expansion. Citi’s plan to boost Japan headcount by up to 15% and strengthen JANA leadership aligns with this trend. Kulkarni’s experience in Southeast Asia and India will help Citi win mandates in sectors like industrials, tech, and renewables, where multi-jurisdictional expertise is key. 🏭

How Leadership Drives Client Success 💡

Imagine a regional conglomerate pursuing a dual-track strategy—selling a minority stake while issuing equity to fund expansion in Australia and India. Citi’s new structure, with Kulkarni and Metzger’s coordinated leadership, enables parallel advisory and ECM workstreams, optimizing pricing and execution timelines through cross-market expertise. 🛠️

What’s Next for Citi in APAC? 🔮

Citi’s immediate focus is on Kulkarni’s onboarding and regulatory clearance, followed by coordinated client coverage with Metzger through 2025 budgeting and 2026 pipeline conversion. With a strengthened leadership bench, Citi is well-positioned to compete for cross-border M&A, equity raises, and liability management mandates. 🚀

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