Who is Kaustubh Kulkarni? Citibank appoints JPMorgan veteran as Asia Pacific co-head

Kaustubh Kulkarni was appointed by US-based Citibank as the co-head of its Investment Banking Coverage for Japan, Asia North and Australia, and Asia South.

According to a memo viewed by Livemint, veteran banker Kaustubh Kulkarni will join Citi in December and will be based in Singapore. He will take up on the role alongside current head Jan Metzger, according to the memo.

Kulkarni and Metzger will be reporting to Viswas Raghavan alongside current head Jan Metzger, according to the memo.

The appointment adds to Citi’s global hiring spree under Raghavan, who is pushing to strengthen the bank’s dealmaking team and urging executives to collaborate across business lines to drive more transactions and opportunities, according to a report by Reuters, which quoted sources.

Citibank is boosting its Asia Pacific investment banking team, planning to raise its headcount in Japan by as much as 10 per cent to 15 per cent over the next year and make new hires in Australia, according to Metzger.

Who is Kaustubh Kulkarni?

Kaustubh Kulkarni’s career as a banker over several decades. For nearly three decades, he worked at Wall Street investment banking company JP Morgan.

Kaustabh Kulkarni has held various roles in the US-based bank, including India head, investment banking head in India, and co-head of Southeast Asia investment banking at JP Morgan.

Kulkarni was most recently the company’s senior country officer for India and vice-chair of Asia Pacific region. He was elevated to the role in 2022.

As the head of investment banking in India at JP Morgan, he has been instrumental in building the leading investment banking business.

As the co-head of the Japan, Asia North and Australia, and Asia South chapter of Citi, Kaustabh Kulkarni will be leading the investment banking franchise of the company with a “clear momentum,” the memo said.

Citi’s hiring spree

Since his won appointment at Citi, Viswas Raghavan has been on a hiring spree for the bank. He has recruited about 15 senior executives from competitors, most of them from JPMorgan, but also from Goldman Sachs, Morgan Stanley, Ares Management and HSBC in recent months.

In August, Citi also announced the addition of Vikram Chavali as Managing Director, Head of Global Asset Managers (GAM) for JANA and Asia South. Chavali was previously working at Goldman Sachs.

Citi also announced the appointment of Deepak Dangayach as Managing Director and Co-Head of Debt Capital Markets for JANA and Asia South, who previously held senior roles at Deutsche Bank and UBS.