Guillermo Baygual: another JPMorgan insider promoted into a big Citi job amidst claims of careful interviews
As we predicted back in September 2024, Vis Raghavan has indeed hired his long term JPMorgan colleague Guillermo Baygual, and as with many of Raghavan's other hires at Citi, he's promoted him on the way in.
Guillermo Baygual will be co-head of global M&A at Citi, which is a step up from his most recent role at JPMorgan, where he was merely the global co-head of the infrastructure and strategic investors group.
Baygual spent 25 years at JPMorgan during which time he was also global of consumer banking, global head of real estate banking and EMEA head of industrials and M&A. Last September, Baygual was overlooked for JPMorgan's co-head of European M&A vacancy, which went to Cassander Verwey instead. Maybe Baygual didn't want the job; maybe he already planned to join Vis.
Citi insiders are whinging about all the external hires, which are thought to be costing the bank a considerable sum of money after a period of cost-cutting. Sources say that Raghavan's number two, Achtinya Mangla, also hired from JPMorgan, held a global town hall today in which he said that all the new hires are very carefully interviewed and checked for their cultural fit before they arrive.
Citi didn't immediately respond to a request to comment.
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