Achintya Mangla is to start as head of financing for investment banking at Citigroup tomorrow, according to an email sent to Citi staffers by head of banking Viswas Raghavan.
In a newly created role, Mangla will oversee debt capital markets, equity capital markets, syndicate and private capital markets to “ensure the seamless delivery of capital markets advisory and financing strategies for our public and private clients”, Raghavan writes in the email.
Mangla will report to Raghavan. It is not clear where he will be officially based, but sources said he will spend most of his time in London and New York.
Current head of DCM Rich Zogheb and co-heads of ECM Doug Adams and James Fleming will continue in their respective roles and report to Mangla.
The email continues: “Welcoming Achintya to this important role reinforces our ongoing ability to attract and retain top industry talent in positions of leadership across the firm. Achintya brings deep global experience and joins after more than 22 years at JP Morgan where he most recently served as head of global ECM. Throughout his two decades with JP Morgan, Achintya held roles of increasing responsibility across multiple asset classes and has worked in Asia, EMEA and the US. He is a proven leader with a track record of building and leading high-performing teams that deliver innovative, globally-minded solutions to clients.”
What that leaves unsaid is that for nearly all of that time across those regions Mangla worked for Raghavan.
The news comes as no surprise, therefore, as it was widely expected when Mangla left JP Morgan that he would turn up to work for his mentor as soon as he was able to.
Mangla left JP Morgan in April, just weeks after Raghavan joined Citi as head of banking after leaving his role as JP Morgan’s global head of investment banking.
The new role appears to have been specifically created for Mangla. It remains to be seen quite how welcoming the bankers currently at Citi will be, given that they have now been layered and were overlooked for the bigger role. Adding another level of management also goes against the delayering push that has been at the heart of CEO Jane Fraser's efforts to revive Citi's fortunes.