Citigroup has made a bold move to strengthen its Asia-Pacific investment banking franchise, appointing Kaustubh Kulkarni, a seasoned J.P. Morgan veteran, as Co-Head of Investment Banking Coverage for the region.
Kulkarni, widely known in the industry as “KK,” brings nearly three decades of experience from J.P. Morgan, where he most recently served as Senior Country Officer for India and Vice-Chair of Asia Pacific.
Over his 28-year career at the U.S. rival, he played a pivotal role in leading landmark deals across mergers and acquisitions, capital markets, and strategic advisory, making him one of the most respected bankers in the region.
At Citi, Kulkarni will be responsible for overseeing investment banking coverage across Japan, Asia North & Australia, and Asia South, working alongside Jan Metzger, the other regional Co-Head.
He will be based in Singapore and is expected to join in December 2025, pending regulatory approval.
“Kaustubh’s deep client relationships and proven track record in Asia make him a natural fit for Citi as we accelerate our growth strategy in the region,” said Vis Raghavan, Citi’s Global Head of Banking.
“His leadership will be instrumental as we continue to build a top-tier investment banking platform across Asia-Pacific.”
Part of Citi’s Regional Expansion Drive
The hire comes as Citi intensifies efforts to expand its APAC investment banking presence. The bank has recently recruited more than a dozen senior dealmakers from global competitors, including J.P. Morgan, as part of Raghavan’s ambitious campaign to lift Citi’s standing in global league tables.
Analysts note that Citi is betting heavily on Asia-Pacific as a driver of future growth, with deal activity in markets such as Japan, India, and Australia offering lucrative opportunities despite ongoing global economic headwinds.
Kulkarni’s appointment is seen as a strategic play not just to enhance Citi’s coverage but also to win market share from entrenched rivals.
His extensive regional knowledge, particularly in India and broader South Asia, is expected to help Citi secure more cross-border M&A and capital-raising mandates.
Industry Reactions
Banking insiders view the move as another sign of intensifying competition among Wall Street firms in Asia.
With several high-profile defections already this year, Citi’s aggressive hiring spree underscores its determination to close the gap with larger rivals in advisory and dealmaking revenues.
“Citi has clearly signaled that it wants to be a first-choice advisor for Asia’s biggest companies and sovereigns,” said one industry analyst. “Hiring someone of Kulkarni’s stature gives them both credibility and momentum.”
What’s Next
Kulkarni’s arrival in December will mark a significant leadership reshuffle in Citi’s Asia operations.
Market watchers will be keen to see how his experience and connections translate into tangible deal wins for the U.S. bank, especially at a time when global M&A volumes are recovering and Asia is emerging as a critical growth engine.
For Citi, the hire reinforces one message: the bank is serious about reclaiming ground in the intensely competitive world of Asian investment banking.
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