Citigroup taps JP Morgan's India chief in hiring spree

MUMBAI: Citigroup has hired Kaustubh Kulkarni, JP Morgan's India chief, as co-head of investment banking coverage for Japan, Asia North and Australia, and Asia South. He will join in Dec, subject to approvals, and be based in Singapore, working with Jan Metzger. Kulkarni earlier served as JP Morgan's senior country officer for India and APAC vice-chair.

Kulkarni, who has been with JP Morgan for over three decades, was the senior country officer and vice chair of the Asia Pacific region. Several other senior JP Morgan bankers have also moved to Citi since Vis Raghavan took charge as global head of banking. Guillermo Baygual is now co-head of global M&A, BJ Vargas heads North American ECM, and Achintya Mangla leads financing for investment banking.

The shift comes ahead of JP Morgan's India Investor Conference later this month, which will bring together more than 1,000 delegates. Citi's recruitment drive underscores its plan to step up competition in Asia's capital markets.