April showers bring May flowers. But on Wall Street, January bonuses bring February job changes.
The finance industry commonly sees a bit of turnover after bonuses clear. But this year, the industry saw an earthquake instead of just a shake-up.
Viswas Raghavan, JPMorgan's top dealmaker, has joined Citi as its head of banking and executive vice chair, reporting directly to CEO Jane Fraser. The move is a big deal, but even more shocking since Raghavan was just promoted to be the sole head of JPMorgan's deals business.
His departure forced JPMorgan to do some reshuffling of its own, tapping Filippo Gori and Doug Petno to run a group that includes the commercial, corporate, and investment bank.
Business Insider's Reed Alexander has a rundown of it all, including background on Raghavan, Gori, and Petno.
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It'll be quite the switch for Raghavan.
JPMorgan is one of the top investment banks on the Street — even considered the top dealmaker at one point last year — whereas Citi is much further down the totem pole.
But it's one thing to lead when you're on top. It's another to claw your way to the top.
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