CITI Appoints Kaustubh Kulkarni as Co-Head of Investment Banking for Asia Regions
The global financial powerhouse CITI has officially named Kaustubh Kulkarni as its new co-head of investment banking for the strategic regions of Japan, Asia North and Australia, and Asia South, bolstering its regional leadership.
Kulkarni is set to join CITI in December and will be based in the regional hub of Singapore, according to the bank’s statement released on Wednesday, September 3.
In his new, critical leadership role, he will serve alongside Jan Metzger, who currently heads the investment banking division for these combined territories.
Both Kulkarni and Metzger will report directly to Vis Raghavan, the head of banking for the entire organization, ensuring alignment with global strategy.
Kulkarni’s appointment is a significant gain for CITI, as he joins from JPMorgan, where he most recently served as the senior country officer for India and the vice-chair of Asia-Pacific (Apac).
His extensive background provides a deep reservoir of experience.
Throughout his 28-year tenure at JPMorgan, Kulkarni held a range of other high-level leadership positions.
These roles included serving as the head of India operations, the head of investment banking for India, and, notably, the co-head for South-east Asia investment banking.
This wide exposure across multiple Apac markets makes him an ideal fit for the co-head structure at CITI.
A Distinguished Track Record to Enhance CITI’s Franchise
The bank’s leadership highlighted Kulkarni’s distinguished track record of achieving revenue growth and leading successful teams, emphasizing that his deep regional knowledge will be key to driving the CITI franchise to greater heights.
Vis Raghavan, CITI’s head of banking, commented on the appointment, saying Kulkarni brings a “distinguished track record of driving revenue growth and leading award-winning teams,” and expressed confidence that the bank’s “strong momentum” in the region will continue under his leadership.
Raghavan further elaborated on the strategic pairing, adding that “His extensive experience makes him the perfect partner with Jan to drive our franchise to even greater heights.
Their complementary skill sets and deep knowledge of the region will be invaluable for our clients and colleagues.”
Jan Metzger, who will serve as the other co-head, originally joined CITI in 2015 and ascended to the role of head of investment banking for Japan, Asia North and Australia and Asia South in November 2023.
Metzger has held a variety of senior roles within the Apac region over the past decade, including a crucial period leading the bank’s corporate and investment banking franchise.
The decision to implement a co-head structure, utilizing both Kulkarni’s extensive South-east Asia and India expertise and Metzger’s broader regional experience and deep understanding of the CITI internal mechanisms, is a clear indication of the bank’s ambition to aggressively expand its market share and service offerings across the highly diverse and rapidly evolving Apac financial landscape.
Strategic Co-Leadership Model for Regional Expansion
The establishment of a co-head structure, pairing Kulkarni with Metzger, is a deliberate strategic model designed by CITI to ensure robust coverage, deep market penetration, and seamless leadership across the bank’s vast and geographically complex Asia-Pacific territories.
The combined regions of Japan, Asia North and Australia, and Asia South represent a significant portion of the global investment banking revenue pool, demanding leadership that is both dynamic and deeply knowledgeable about local market nuances.
Kulkarni’s experience as a senior country officer for India and co-head of South-east Asia investment banking at his previous firm brings to CITI specific client relationships and regulatory knowledge in two of the fastest-growing sub-regions within Asia.
This expertise is crucial for advising clients on mergers and acquisitions, capital raising, and other complex transactions.
Metzger’s tenure at CITI and his familiarity with the bank’s internal systems, corporate and investment banking offerings, and established client base in North Asia and Australia will ensure operational continuity and integration.
The model allows CITI to divide the extensive management and client relationship responsibilities, optimizing the focus and energy of its top regional investment bankers.
This is designed to improve client service quality, enhance deal origination, and accelerate the bank’s growth trajectory across the entire Apac footprint, effectively utilizing the complementary strengths of both seasoned leaders to maximize the investment banking franchise’s performance in a competitive global environment.
