Citigroup has appointed Guillermo Baygual, a veteran of JPMorgan Chase, as its new co-head of mergers and acquisitions, marking another significant hire as the bank seeks to expand its presence in global dealmaking.

Baygual, who spent more than 25 years at JPMorgan and most recently served as global co-head of the infrastructure and strategic investors group, will join Citigroup in September. According to a memo seen by Reuters, he will work alongside Drago Rajkovic, another recent recruit from JPMorgan, who was appointed co-head of mergers and acquisitions in June. Baygual will be based in London, while Rajkovic will split his time between New York and San Francisco.

The appointment is part of Citigroup’s ongoing effort to bolster its investment banking division under the leadership of Viswas Raghavan, himself a former JPMorgan executive who joined Citigroup in 2024. In recent months, the bank has also recruited senior figures such as Ed Sankey from HSBC and Achintya Mangla, another JPMorgan alumnus, as head of financing for its investment bank.

Citigroup’s investment banking business has played a role in some of the year’s largest transactions, including advising Charter Communications on its acquisition of Cox Communications and Sycamore Partners’ deal to take Walgreens Boots Alliance private. According to Dealogic data, Citigroup ranked fourth globally for mergers and acquisitions revenue in the first half of 2025.

“We’re very pleased on the M&A front – the pipeline is excellent,” said Citigroup’s chief executive officer, Jane Fraser, during a recent conference call, noting that the bank was working on seven of the ten largest investment banking transactions of the year.

The move comes as Wall Street anticipates a rise in deal activity in the latter half of the year, with analysts expecting corporate boardrooms to look past tariff concerns and antitrust scrutiny.

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