Citigroup landed a big-name dealmaker for its long-vacant head of banking job on 26 February, drafting in JPMorgan veteran Vis Raghavan to lead the unit in an effective number two position to chief executive Jane Fraser.

Raghavan, a cricket fan who has gained a formidable reputation as an exacting manager at JPMorgan, takes over a key business unit at Citi that analysts believe needs to drastically improve returns.