Banks compete fiercely for top talent as JPMorgan Chase wins over an unprecedented number of high-ranking bank officials

In the dynamic world of banking, two titans - JPMorgan Chase and Citigroup - are making waves with their recruitment drives.

Following an internal review and the merger of its commercial, corporate, and investment banking units in early 2024, JPMorgan Chase has embarked on a significant hiring spree. Over the past year, the bank has welcomed more than 300 new bankers, with almost a third of them joining at managing director level.

Notable appointments include Jerry Lee, who now serves as the global chair of investment banking, and Kamal Jabre, who holds the position of vice-chair of M&A in EMEA. The bank has also recruited several senior bankers from Citigroup.

Meanwhile, Citigroup, under the leadership of Vis Raghavan, its new banking chief, has been making its own moves. Since joining last year, Raghavan has brought at least 10 senior ex-colleagues from JPMorgan on board. The bank is expanding its private credit capabilities through a $25bn venture with Apollo.

As both banks aim to expand their investment banking franchises, they are targeting subsectors such as healthcare, technology, and infrastructure, and seeking to expand in Europe and Asia while building out their middle market coverage.

The recruitment drive at JPMorgan comes as the bank faces increased competition from Citigroup and other players in the market. Both JPMorgan and Citi are also contending with competition from boutique firms like Evercore and Centerview.

In terms of succession, the successor of Jamie Dimon, who has led JPMorgan for nearly two decades, has not been named yet. Leading contenders to replace Dimon include Doug Petno and Troy Rohrbaugh, co-heads of the commercial and investment bank, as well as Marianne Lake, head of the consumer bank.

The expansion at JPMorgan doesn't stop at recruitment. The bank has hired more managing directors to its commercial and investment banking division in the past 12 months than it did in the previous decade combined.

The bank's efforts seem to be paying off. In the first six months of 2025, JPMorgan reported $4.7bn in investment banking fees, outpacing Goldman Sachs on $4.1bn and Citi on $2.2bn.

Both banks have been approached for comment. Citigroup's hiring spree extends beyond JPMorgan alumni, as it has also hired David Friedland as co-head of North America investment banking coverage, a 25-year veteran from Goldman Sachs.

At JPMorgan, Achintya Mangla, another former senior banker, has joined to lead financing for investment banking. The bank has also named Amit Nayyar, Guillermo Baygual, and Pankaj Goel as co-heads of European technology banking, global M&A, and technology investment banking respectively, all of whom previously worked at JPMorgan.

As these banking giants continue to shape the industry, the race for talent and market dominance is far from over.

Banks compete fiercely for top talent as JPMorgan Chase wins over an unprecedented number of high-ranking bank officials