(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 aims to capture a larger share of the lucrative deals market.
The move follows the recent hiring of Viswas Raghavan from rival JPMorgan Chase (NYSE:JPM) to lead Citi's investment banking operations growth, positioning the bank for an anticipated recovery in dealmaking, initial public offerings and secondary share sales.
Under CEO Jane Fraser, Citi has also been carrying out a sweeping overhaul as the Wall Street giant looks to improve the bank's performance, cut costs and simplify its sprawling businesses.
The bank has appointed John Chirico and Jason Rekate to serve as the co-heads of corporate banking, the memo sent by Raghavan said.
Chirico is transitioning from his current role as head of investment banking in North America to co-lead Citi's corporate banking efforts.
"These changes will ensure that we have the right structure and leadership in place to better serve our clients and drive substantial growth across banking, as we continue to invest in the business," Raghavan added.
The bank has also set up an investment banking operating team, which will include all members of banking executive team along with global heads for investment banking sectors.
The investment banking operating team will meet on a weekly basis to assess client and market activity, address strategic priorities and focus on Citi's "must-win" transactions, the memo said.
The unit is a key part of the third-largest U.S. lender's growth strategy. Citi's investment banking fees jumped 60% to $853 million in the second quarter due to strong debt and stock underwriting as well as higher fees earned from advising on mergers and acquisitions.
Analysts expect the business to once again grow when Citi reports third-quarter results on Tuesday.
Here is an overview of Citi's Banking Executive Team (BET):
Designation Executive(s)
Corporate Banking John Chirico and Jason
Rekate
Commercial Banking Tasnim Ghiawadwala
North America Jens Welter
investment banking
coverage
UK, Europe & MEA IB Nacho Gutierrez
coverage
LATAM Banking Julio Figueroa
JANA/Asia South IB Jan Metzger
Coverage
Financing Achintya Mangla
M&A Kevin Cox (providing
interim leadership)
Vice chair and Chuck Adams
global head of
healthcare,
consumer and retail
IB
Investment Banking Operating Team (IBOT):
Designation Executive
Global sector Financial institutions:
heads: Christian Anderson
Asset managers: Anthony
Diamandakis
Technology and
communications: Phil
Drury
Industrials: Stephen
Edelman
Sustainability and
corporate transitions:
Bridget Fawcett
Real estate: Matthew
Greenberger
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