In a significant move to bolster its European equity operations, JPMorgan Chase has recruited a seasoned banker from rival Citigroup to lead a key team. The Wall Street giant has appointed Anurag Hargunani as its new head of equity capital markets (ECM) syndicate for Europe, the Middle East, and Africa (EMEA).
A Strategic Hire for JPMorgan's ECM Ambitions
The appointment, which was confirmed internally this week, sees Hargunani take on a crucial role in managing the bank's equity deal execution across the EMEA region. He will be responsible for the syndicate desk, a pivotal function that prices and allocates shares in transactions like initial public offerings (IPOs), follow-on offerings, and block trades.
Hargunani brings a wealth of experience from his previous position at Citigroup, where he served as co-head of the EMEA equity syndicate. His deep expertise and relationships in the market are seen as a major asset for JPMorgan as it seeks to compete for top mandates in a fiercely contested sector.
Based in London, Hargunani will report jointly to Viswas Raghavan, the global head of banking, and to Dwayne Lysaght, the co-head of EMEA investment banking. This dual reporting line underscores the strategic importance of the syndicate function within the bank's broader investment banking and capital markets structure.
Strengthening the Bench in a Competitive Landscape
This hire is part of JPMorgan's ongoing efforts to strengthen its ECM franchise, which is a vital engine for fee revenue. The equity capital markets have seen fluctuating activity levels, but competition among bulge-bracket banks for leadership roles on major transactions remains intense. Securing a banker of Hargunani's calibre is a clear statement of intent.
His track record at Citi includes working on numerous high-profile deals, giving him intimate knowledge of investor demand and execution dynamics across the region. This insight is invaluable for advising corporate clients on the timing and structure of their equity fundraising endeavours.
The move also represents a notable personnel shift between two of the world's largest financial institutions. JPMorgan's successful poaching of a senior Citi banker highlights the ongoing talent wars within the City of London's financial district, where specialised expertise in capital markets commands a premium.
Implications for the EMEA Equity Market
Hargunani's appointment is expected to have a direct impact on JPMorgan's capacity to win and execute large-scale equity transactions. A strong syndicate desk is essential for ensuring deals are priced correctly and placed with a stable, long-term investor base, which in turn builds a bank's reputation with issuers.
For the broader EMEA equity landscape, this senior-level move may signal further competitive jostling among leading banks as they position their teams for an anticipated rebound in IPO and follow-on activity. The focus on building syndicate strength indicates that institutions are preparing for a busier period in the capital markets cycle.
With this key leadership position now filled, JPMorgan's EMEA ECM team is poised to leverage Hargunani's experience to enhance its client coverage and deal execution capabilities. The bank will be hoping this strategic investment translates into a higher league table ranking and a greater share of the lucrative equity underwriting fee pool in the months and years ahead.
