Citibank has significantly bolstered its Asia Pacific investment banking leadership with the appointment of veteran banker Kaustubh Kulkarni as co-head of its Investment Banking Coverage for Japan, Asia North and Australia (JANA), and Asia South. Kulkarni, who brings nearly three decades of extensive experience from Wall Street investment banking company JP Morgan, will be based in Singapore and is expected to commence his new role in December, pending necessary approvals. He will serve alongside current co-head Jan Metzger, who is also the managing director and head of Asia-Pacific banking, capital markets, and advisory, with both reporting to Viswas Raghavan.

Kulkarni's distinguished career at JP Morgan saw him hold various pivotal roles, including India head, investment banking head in India, and co-head of Southeast Asia investment banking. Most recently, he served as the company's senior country officer for India and vice-chair of the Asia Pacific region, a position he was elevated to in 2022. During his tenure, he was instrumental in building JP Morgan's leading investment banking business in India, demonstrating a profound understanding of the region's financial landscape. His expertise spans major M&A, debt, and equity transactions for clients across Asia and India, making him a strategic addition to Citi's team.

This appointment is a key part of Citi's broader global hiring spree under Viswas Raghavan, who is actively working to strengthen the bank's dealmaking capabilities and encourage greater collaboration across business lines to drive more transactions. Citi is specifically committed to boosting its Asia Pacific investment banking team, with plans to increase its headcount in Japan by 10% to 15% over the next year and make additional hires in Australia. The goal is to ensure Citi's investment banking franchise maintains "clear momentum" in these crucial regions.

Beyond Kulkarni, Citi has made several other significant hires to reinforce its Asia Pacific team. In August, the bank announced the addition of Vikram Chavali as Managing Director and Head of Global Asset Managers (GAM) for JANA and Asia South. Chavali joins from Goldman Sachs, where he was Head of Asia ex-Japan Sponsors M&A, and will be based in Hong Kong. Additionally, Deepak Dangayach has been appointed as Managing Director and Co-Head of Debt Capital Markets for JANA and Asia South. Dangayach, who previously held senior roles at Deutsche Bank and UBS, will also be based in Hong Kong and join the firm later this year. These strategic recruitments, many from competitors like JPMorgan and Goldman Sachs, underscore Citi's aggressive push to build a formidable dealmaking presence.

Citi's investment banking division in Asia-Pacific has demonstrated steady momentum and strong performance. The firm has successfully led numerous equity offerings, including for Nissan Motor in Japan, Chinese healthcare companies Hansoh Pharmaceutical and Ascletis Pharma Inc in Hong Kong, JSW Cement and One 97 Communications in India, and CapitaLand in Singapore. According to Dealogic data, Citi has raised approximately $200 billion for its Asia-Pacific clients from local and global capital markets since the beginning of the year. This robust activity has translated into a 15% growth in the firm's investment banking revenues, reaching $981 million from the previous year. This growth was further fueled by a significant 52% increase in advisory fees and a 25% rise in Equity Capital Markets fees, driven by strong performance in convertible securities and initial public offerings, reflecting Citi's strengthened position and strategic expansion in the region.