Citi Taps Kaustubh Kulkarni as Co-Head of Investment Banking in Asia Pacific

The appointment of Kaustubh Kulkarni as Co-Head of Investment Banking Coverage for Japan, Asia North & Australia (JANA) and Asia South reinforces Citi’s ongoing commitment to bolster its investment banking footprint in Asia Pacific. Reports indicate he will begin in December 2025, working alongside Jan Metzger, and reporting to global banking head Viswas Raghavan. [1][2][3] Kulkarni brings leadership experience in client/regulatory relationships, having been Senior Country Officer for India and Vice Chair for Asia-Pacific during his nearly three decades at JPMorgan. [1][2]

This appointment is one among several major senior hires by Citi aimed at energizing its advisory, equity and debt capital markets businesses. Other recent moves include the hiring of Vikram Chavali for asset manager coverage and Deepak Dangayach for co‐heading debt capital markets in APAC, among others. [4][5] These hires echo Raghavan’s strategy since mid-2024 to recruit senior personnel from competitors (JPMorgan, Goldman Sachs, Deutsche Bank, etc.) in order to accelerate deal flow and expand coverage. [1][4]

The financial metrics from Q2 2025 affirm this momentum: revenues from investment banking in Asia Pacific rose 15% versus the prior year to US$981 million, with advisory fees growing 52% and ECM fees up ~25%, aided by strength in IPOs, convertibles, and large equity offerings. [2][6] Dealogic data supports this, showing Citi raising nearly US$200 billion in capital in the region year-to-date from both local and global markets. [4][5][6]

Geographically and strategically, the appointment underlines Citi’s focus on regions with high growth potential: Japan’s picking up deal flow, Australia requiring deeper coverage, and Asia South—particularly India and Southeast Asia—continuing to be major sources of capital activity. [1][2][4] The decision to base Kulkarni in Singapore is aligned with making Singapore a regional hub for coordination across these diverse markets. However, regulatory approvals and seamless team integration remain challenges during the transition period. The bank also needs to ensure that hiring doesn’t just bring capacity but effectively catalyzes business outcomes in advisory mandates, ECM, and DCM obligations in competitive markets. Furthermore, macroeconomic uncertainties—interest rate trajectories, geopolitical risk, and capital flow dynamics—will test whether this leadership investment will deliver sustained growth.

Key implications include:

• Enhanced execution capacity across JANA and Asia South: with dual heads, Citi can cover geographically and product-line gaps more effectively, potentially winning larger cross-border mandates.
• Potential for increased market share in advisory and IPO-driven ECM activity in Asia Pacific, leveraging recent strength in healthcare, consumer, tech, industrial sectors. [4][5]
• Strengthened ability to serve financial sponsors and institutional asset managers, which seem to be growing priority client segments. [4]
• Operational challenges: integrating external hires, aligning reporting structures, maintaining cultural cohesion under dual headship, and ensuring regulatory approvals across jurisdictions.

Open questions:

• What specific growth targets (by region, product line) has Citi set for Asia Pacific under this new leadership, and by when?
• How will Citi balance external hires with internal promotions to avoid attrition risk and preserve institutional knowledge?
• To what extent will macro-headwinds (e.g. interest rates, regulatory tightening, China policy) constrain deal flow, especially in ECM and advisory in certain markets?
• How will talent development and local leadership succession factor into long-term strategy versus imported senior hires?