Citi Hires JPMorgan's Vargas to Lead North America ECM

Citigroup has made bold moves to strengthen its Equity Capital Markets (ECM) division by hiring top talent and reshuffling key roles across geographies. The appointments signal the bank's intention to expand its market share and enhance its investment banking capabilities.

BJ Vargas Joins as Head of North America ECM

In a notable hire, Citigroup has brought on Bernal J. Vargas III, widely known as BJ, as the new head of equity capital markets for North America. Vargas, who previously held the position of head of Americas cash equity sales at JPMorgan, will be based in New York. His transition marks yet another high-profile dealmaker moving to Citi from its Wall Street rivals.

James Manson-Bahr Takes Over in EMEA

Alongside its U.S. appointment, Citigroup has elevated James Manson-Bahr to lead equity capital markets across the UK, Europe, the Middle East, and Africa. Manson-Bahr joined the firm in June after serving as the head of Morgan Stanley’s equity syndicate operations in EMEA. His new responsibilities place him at the forefront of Citi’s regional ECM strategy.

Ed Sankey Expands His Global Role

The bank’s recent hire, Ed Sankey, formerly global head of ECM at HSBC, has seen his mandate grow rapidly since joining Citigroup in May. In addition to his existing responsibilities, he will now oversee ECM operations in Japan, Asia North, Australia, and Asia South, further expanding the firm's leadership presence across global markets.

Vis Raghavan’s Influence Behind the Reshuffle

The latest series of leadership changes comes under the direction of Vis Raghavan, Citigroup’s head of banking. Raghavan, who previously led investment banking globally at JPMorgan, has been actively recruiting senior talent from his former employer to execute Citi’s strategic vision and reposition the bank for growth in key investment banking areas.

Aloke Gupte Appointed Global Co-Head of ECM

Citigroup has also named Aloke Gupte as global co-head of equity capital markets. Gupte, who will continue to be based in London, will jointly lead the bank’s equity underwriting efforts with Doug Adams. Their collaboration is expected to strengthen the ECM division’s ability to execute high-impact deals across regions.

Alex Watkins to Lead Technology Financing

As part of the ongoing buildout, Alex Watkins has been appointed to a newly created role as head of technology financing. Based in San Francisco, Watkins will be tasked with expanding Citi’s footprint in the high-growth tech sector. He and Gupte previously co-headed JPMorgan’s international ECM business, making their transition to Citigroup a significant gain for the firm.