Citi banking push: Veteran Kaustubh Kulkarni to co-head Asia-Pacific coverage, to join in December

Citi has appointed banking veteran Kaustubh Kulkarni as co-head of its Investment Banking Coverage for Japan, Asia North and Australia, and Asia South, according to an internal memo seen by Reuters.Kulkarni, who will join in December subject to regulatory approvals, will be based in Singapore and serve alongside current head Jan Metzger. Both will report to Citi’s global banking head Viswas Raghavan, the memo said. A company spokesperson confirmed the contents.Kulkarni previously spent nearly three decades at JPMorgan, where he was most recently senior country officer for India and vice-chair of Asia Pacific. His earlier roles included Head of India, Head of Investment Banking India, and Co-Head of Southeast Asia Investment Banking.The appointment marks another step in Citi’s global hiring spree under Raghavan, who took charge in June 2024 and has since brought in around 15 senior executives from rivals including JPMorgan, Goldman Sachs, Morgan Stanley, Ares Management and HSBC. Sources told Reuters Raghavan has been urging executives to collaborate across business lines to accelerate dealmaking opportunities.Citi is also ramping up its Asia Pacific presence, with Metzger telling Reuters in July that the bank plans to raise headcount in Japan by 10–15% over the next year and make fresh hires in Australia.