Raghavan has been installed as head of banking at Citi, ending a near six-month search for a successor to Peter Babej, who has been leading the business on an interim basis since September.

He will effectively be Citi chief executive Jane Fraser’s second-in-command as executive vice-chair, leading a division that encompasses investment banking, as well as corporate and commercial banking. The 57-year-old leaves a more than two-decade career at JPMorgan just weeks after being named sole head of investment banking. He is likely to join Citi in the summer.

Raghavan has co-headed JPMorgan’s leading investment banking unit for the past four years alongside Jim Casey and led its sprawling business in Europe, the Middle East and Africa since 2017. Raghavan was named sole head of investment banking during a broader shake-up at JPMorgan in January.