Citigroup made another major JPMorgan hire without anyone noticing
With Vis Raghavan due to turn up at Citi in early June, there are growing suspicions that all sorts of people leaving JPMorgan are heading to Citi to join him.
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JPMorgan isn't commenting on the suspicious exits, which include Achintya Mangla, its former global head of equity capital markets. Mangla is widely thought to be joining Citi soon; Citi declined to comment on his allegedly imminent arrival.
Someone who indisputably is joining Citi, however, is Chris Mushell, the former chief risk officer of JPMorgan's private bank. Mushell, who had worked for JPMorgan for nearly 27 years is understood to have resigned around same time as Raghavan. Citi declined to comment on his hiring; he will presumably be joining in the same role.
Citi's wealth management business is being run by Andy Sieg, who joined from Merrill Lynch last September. Sieg is busy cutting costs in an effort to boost profitability in the business.
Reuters reported earlier this month that Citi people are becoming disgruntled with the arrival of senior outsiders while their own ranks are being thinned. It's not clear who Mushell will be replacing there.
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