Aloke Gupte has not left JPMorgan for Citi. At least, not yet
Where is Aloke Gupte, the co-head of EMEA head of equity capital markets at JPMorgan? Has he gone to work for Achintya Mangla at Citi? No, he has not. Will he one day? Maybe so.
Gupte, who is based in London, appears to have been out of the office at JPMorgan for a while. His absence has triggered excitement among some people, who suspect that he may be on the way to join his old friend and colleague, Achintya Mangla.
Mangla left JPMorgan in April 2024 and arrived at Citi in September. Citi declined to comment on Mangla's imminent arrival throughout Mangla's time in the wilderness, even though sources in the market repeatedly said he was on the way there. Mangla was global head of ECM at JPMorgan; he's got a bigger job covering global debt capital markets (DCM) and equity capital markets (ECM), syndicate and private capital markets at Citi, where he's working with his old friend and colleague, Vis Raghavan.
Speculation around Gupte's propensity to join Citi comes from the fact that he and Mangla have been colleagues for a very long time. The two men worked together at JPMorgan (twice) and also worked together very briefly at Bank of America in Asia in 2010. Their working relationship goes back over a decade. "Where Mangla goes, he takes Gupte with him," claims one JPMorgan insider.
The speculation, therefore, is that Gupte will join Mangla at Citi, and maybe soon. If he does, it's possible that he might join as global co-head of equity capital markets alongside Douglas Adams. However, this would reimpose a co-head structure which Citi undid earlier this month when it moved Adam's previous co-head, James Fleming, into a role solely focused on UK banking.... Watch this space.
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