Now Citi may have hired JPMorgan's head of EMEA fintech banking

3 July 2025

2 minute read

Citi likes to hire from JPMorgan, and JPMorgan is not averse to hiring from Citi. In the latest exchange of staff between the two banks, Citi may have hired JPMorgan's head of EMEA fintech and payments coverage in London.

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Neither bank is commenting, but Amit Nayyar, JPMorgan's top fintech banker in London has disappeared. It's thought that he might be joining Citi. Citi already has a head of fintech banking in EMEA in the form of Mark Tweedie, who's worked there for 26 years and was promoted in October 2021.

Nayyar is thought to be close to Vis Raghavan. Raghavan spent 25 years at JPMorgan but now runs Citi's investment bank, where he's made a habit of hiring former colleagues. They include people like Achintya Mangla who's now the king of capital markets at Citi, and Sid Punshi, who's now head of the UK, Europe and MEA Alternative Assets Group. Raghavan also promoted Ashu Khullar, a former corporate banker from Citi in India, as head of the global asset managers team in London. Nayyar spent most of his career in India, before joining JPMorgan in London in December 2021.

While Raghavan is busy hiring former colleagues from JPMorgan, Citi's existing bankers are leaving. Theo Giatrakos and Anthony Diamandakis, both senior financial sponsors bankers at Citi, joined JPMorgan in June.

Speaking last month, Raghavan said he was only just getting started with his investment in staff at Citi. Financial News says Raghavan's non-solicitation agreement has expired and that he's now free to poach even more heavily from his former employer.

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AUTHORSarah Butcher

Global Editor

TS
TS100
3 July 2025
It’s always difficult to run a corporate and investment bank. Not many can do that. Look at fate of Barclays (now more a midcap UK commercial bank which was its legacy for 300 years. Barclays capital on international stage - dead). HSBC- investment bank dead. Somehow JPM is surviving but their corporate bankers are just sidelined hidden phantoms who are just on standby for any client servicing calls - KYC, Onboarding , dwindling cash management due to payment technology. But JPM managed to maintain a tier 1 brand through high quality investment bankers. Sometimes you wonder about the fate of Citi. They have massively juniorised investment bank. Yet the investment in corporate bank keeps on increasing. Not directly through corporate bankers but supporting functions - risk, relationship associates, credit management, transaction management and the massive billions in Tech ! Despite that the cash cow of corporate bank, TTS is a separate business. It’s unclear where Citi is headed. A diluted down investment bank now, a huge corporate bank with loads of cost centres to support full of non revenue generating MDs and a disconnected entrepreneurial commercial bank ! It’s such a mess. In a world with dearth of deals the big network is seemingly showing they are doing deals, but when the market is back, the sponsors will gravitate back to quality bankers. Citi’s restructuring seems to be never ending too. Main question is - what is the strategy ? At the moment it just seems there are more and more non-revenue MDs than ever when the bank needs doers - strong SVPs / Junior Directors long enough in the business , good technicals and drive. Right now the situation is 100MDs none of who bring revenue and a big pool of incompetent work-shy associates / junior VPS . The middle layer is wiped out ! No quality, all acting post box
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