Citigroup has hired Achintya Mangla as head of financing for investment banking, a newly created role that signals the American bank's commitment to bolstering its dealmaking capabilities.

Mangla, who spent 22 years at JPMorgan, will begin his new position on 4 September, reporting directly to Viswas Raghavan, Citigroup's head of banking.

In his new role, Mangla will oversee global debt capital markets, equity capital markets, syndicate and private capital markets. He will also lead Citigroup's private credit strategy and work to forge partnerships with other divisions, including wealth management and markets.

The appointment reunites Mangla with his former boss Raghavan, who joined Citigroup in February after leaving his position as global co-head of investment banking at JPMorgan. Industry insiders had widely anticipated Mangla's move to Citigroup following Raghavan's departure from JPMorgan.

Raghavan praised Mangla's experience and leadership qualities in an internal memo, stating, "Achintya is a proven leader with a track record of building and leading high-performing teams that deliver innovative, globally minded solutions to clients."

Mangla's extensive background includes roles across multiple asset classes and regions, having worked in Asia, Europe, the Middle East and Africa, and the United States. Most recently, he served as head of global equity capital markets at JPMorgan.

The creation of this new position at Citigroup comes as part of chief executive officer Jane Fraser's ongoing efforts to revitalise the bank's performance. However, the addition of another management layer appears to contradict Fraser's push for delayering within the organisation.

Current heads of various financing divisions at Citigroup, including Rich Zogheb in debt capital markets and Douglas Adams and James Fleming in equity capital markets, will now report to Mangla.

As Citigroup continues to attract top talent, industry observers will be watching closely to see how Mangla's appointment impacts the bank's competitive position in the global investment banking landscape. The move also raises questions about potential further reshuffling within Citigroup's senior ranks as Raghavan settles into his role and shapes his team.

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