Citi co-head leadership has taken a new shape as the bank announced the appointment of Kaustubh Kulkarni as co-head of investment banking for Asia Pacific. The move, confirmed on September 3, 2025, underscores Citi’s determination to accelerate growth and expand its competitive presence across the region.
Kulkarni, a highly respected banker with nearly three decades of experience, will officially assume his new role in December 2025, pending regulatory approval. He will be based in Singapore and will share responsibilities with Jan Metzger, the current regional head. Together, they will oversee investment banking coverage across Japan, Asia North & Australia (JANA), as well as Asia South. Both leaders will report directly to Viswas Raghavan, Citi’s global banking chief.
Kaustubh Kulkarni’s Background
Kaustubh Kulkarni built his career leading some of the largest M&A, debt, and equity transactions in Asia. Before joining Citi, he was a senior leader at JPMorgan, where he held roles including Senior Country Officer for India and Vice Chair for Asia Pacific. His deep knowledge of Asian markets and strong client relationships make him a valuable addition to Citi’s leadership team.
Kulkarni’s appointment reflects Citi’s broader strategy of attracting proven industry veterans to strengthen its investment banking franchise. His presence is expected to bolster client confidence, particularly among corporates, financial sponsors, and government institutions looking for advisory and capital-raising expertise.
Citi’s Strategic Intent Behind the Move
Citi has been undergoing a major leadership and talent reshuffle since mid-2024. Under the guidance of Viswas Raghavan, the bank has accelerated recruitment from top rivals, expanded regional offices, and focused on boosting revenues in its investment banking division. The appointment of a new co-head forms a crucial part of this transformation.
Key objectives of the appointment include:
- Talent expansion: Citi has hired over a dozen senior bankers from global competitors in the last 12 months.
- Regional growth: Plans are underway to increase staff in Japan by up to 15% while reinforcing teams across Australia and Asia South.
- Revenue acceleration: Investment banking revenues rose by double digits in the second quarter of 2025, with strong performance in advisory and equity capital markets.
- Competitive positioning: Citi has improved its global ranking to the top five in overall investment banking revenue and has climbed into the top four in M&A activity.
Table: Key Details of the Appointment
| Detail | Information |
|---|---|
| Appointee | Kaustubh Kulkarni |
| Role | Co-Head of Investment Banking — JANA & Asia South |
| Location | Singapore |
| Start Date | December 2025 (pending approval) |
| Co-Head | Jan Metzger |
| Reporting Line | Reports with Metzger to Global Banking Head Viswas Raghavan |
| Strategic Focus | Drive dealmaking, expand market presence, deepen client ties |
Impact on Markets and Clients
The co-head structure in Asia Pacific is designed to give Citi a sharper edge in a region that is increasingly competitive. With two senior leaders at the helm, the bank aims to accelerate deal execution and strengthen coverage across diverse markets.
- Deeper local expertise: Kulkarni’s network across Asia will help Citi win mandates in mergers, acquisitions, and capital markets.
- Stronger client service: By combining investment banking with Citi’s wealth and markets divisions, clients can expect more integrated solutions.
- Competitive challenge: Rival banks such as JPMorgan, Goldman Sachs, and Morgan Stanley face heightened competition as Citi strengthens its footprint.
Looking Ahead
The addition of Kaustubh Kulkarni as Citi co-head signals a long-term commitment to growing its business across Asia Pacific. His collaboration with Jan Metzger is expected to balance deep institutional knowledge with fresh strategic energy, offering clients a formidable advisory platform.
With revenues on the rise and an aggressive hiring spree reshaping the team, Citi is clearly positioning itself as one of the most influential players in global investment banking. The coming months will reveal how effectively this leadership duo can translate strategy into sustained growth.
The appointment is more than just a personnel change—it represents Citi’s broader ambition to cement its place as a leading force in Asia’s fast-growing financial landscape. As markets evolve and competition intensifies, Citi’s strengthened leadership team is poised to play a defining role in shaping the future of investment banking in the region.
Readers can share their thoughts below on whether Citi’s bold leadership moves will reshape the balance of power in Asia’s investment banking market.