(Reuters) -Citigroup has formed an executive team of senior leaders from its corporate and investment bank, according to an internal memo seen by Reuters on Thursday, as the U.S. lender looks to capture a bigger share of the market for lucrative deals.
The move follows the recent hiring of Viswas Raghavan from rival JPMorgan Chase (NYSE:) to lead the growth of Citi’s investment banking business, positioning the bank for an expected recovery in dealmaking, initial public offerings and secondary equity sales .
Under CEO Jane Fraser, Citi has also undergone a major overhaul as the Wall Street giant looks to improve the bank’s performance, cut costs and simplify its sprawling operations.
The bank has appointed John Chirico and Jason Rekate as co-heads of corporate banking, Raghavan’s memo said.
Chirico moves from his current role as head of investment banking in North America to co-lead Citi’s corporate banking activities.
“These changes will ensure that we have the right structure and leadership in place to better serve our customers and drive substantial growth in banking as we continue to invest in the sector,” Raghavan added.
The bank has also set up an investment banking operations team, which consists of all members of the banks’ executive team, along with global heads for the investment banking sectors.
The investment banking operations team will meet weekly to review client and market activity, address strategic priorities and focus on Citi’s “must-win” transactions, the memo said.
The unit is an important part of the growth strategy of the third largest US lender. Citi’s investment banking fees rose 60% to $853 million in the second quarter due to strong debt and equity acquisitions and higher fees from advising on mergers and acquisitions.
Analysts expect the company to return to growth when Citi reports third-quarter results on Tuesday.
Here is an overview of Citi’s Banking Executive Team (BET):
Name of Manager(s)
Business banking John Chirico and Jason
Recate
Commercial Banking Tasnim Ghiawadwala
North America Jens Welter
investment banking
coverage
UK, Europe and MEA IB Nacho Gutierrez
coverage
LATAM Banking Julio Figueroa
JANA/Asia South IB Jan Metzger
Coverage
Financing Achintya Mangla
M&A Kevin Cox (provided
interim leadership)
Vice Chairman and Chuck Adams
global head of
healthcare,
consumer and retail
IB
Investment banking operational team (IBOT):
Designation Executive
Global Sector Financial Institutions:
heads: Christian Anderson
Asset managers: Anthony
Diamandakis
Technology and
communication: Phil
Drury
Industry: Stephen
Nobleman
Sustainability and
business transitions:
Bridget Fawcett
Real estate: Matthew
Groenberger
Natural Resources:
Michael Jamieson
Global Product ECM: Doug Adams
heads:
DCM: Rich Zogheb
Cluster IB UK: James Fleming
leads:
Europe: Patrick Frowein
MEA: Hamza Girach
Latin America: Nicolas
Roca
