JPMorgan is not poaching Citi's ex-global head of ECM after all
Amidst 2025's endless rotation of staff between Citi and JPMorgan, it seems that one such move will not be happening: James Fleming appears happy where he is.
Fleming was Citi's London-based global co-head of equity capital markets until October 2024 when he was ported across into a new role as the head of UK investment banking coverage by Vis Raghavan and Achtinya Mangla, the new big beasts of Citi's investment bank.
Raghavan and Mangla have since hired their former JPMorgan colleagues Aloke Gupte and Alex Watkins to do Fleming's old job, and there has been unconfirmed speculation all summer that Fleming would ditch his UK investment banking coverage role at Citi and move to JPMorgan to plug the Gupte-Watkins gap. There would have been a certain symmetry were it so.
It doesn't appear to be happening. JPMorgan isn't commenting, and we haven't spoken to Fleming, but JPMorgan revealed today that it's moved someone internally to help fill its hole: Sunil Dhupelia is moving to London from Hong Kong, where he was the co-head of Asia Pacific ECM for JPMorgan. Dhupelia will now be JPMorgan's head of equity capital markets international, the role done by Gupte and Watkins previously.
Does this mean Fleming will stay at Citi? Maybe so. However, it's worth remembering that JPMorgan previously head two people doing that job. There are suggestions that Dhupelia may yet get a co-head hired from outside. If so, Fleming still looks like a fine candidate.
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