HSBC's Rahul Badhwar appointed JP Morgan India chief

MUMBAI: J.P. Morgan has appointed Rahul Badhwar as senior country officer for India, filling a key leadership gap after months without a dedicated head in one of its fastest-growing markets.
Badhwar will start in July 2026, be based in Mumbai, and report to Sjoerd Leenart, CEO Asia Pacific. He will also join the Asia Pacific management committee. In an email to employees, Leenart said India is a critical market for the bank’s Asia Pacific franchise, and that Badhwar will drive and execute growth strategy, strengthen governance and controls, and help bring the full firm to clients and stakeholders.
Badhwar joins from HSBC after three decades in sales and trading roles, most recently as global head of corporate sales, markets and securities services. He began his career in India in global markets and has since worked in Dubai, Hong Kong, and London, building cross-product solutions for corporate and institutional clients and leading high-performing teams.
The appointment follows the exit of Kaustubh Kulkarni earlier in 2026, who moved to Citi as head of its India corporate bank. Kulkarni had led the bank’s India operations since 2021, overseeing expansion amid rising deal activity and regulatory shifts. His departure left the bank without a dedicated India head for several months, with an interim management team steering operations through a busy phase of mergers and acquisitions and capital markets deals.
In the email, Leenart said the India management team had shown leadership and strong contributions in recent months, and said he looked forward to their continued partnership as the bank expands its business in the country.


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