Citigroup's New Executive Team Formed

(Reuters) – Citigroup has formed an executive team of senior leaders from its corporate and investment bank, as per an internal memo seen by Reuters on Thursday, to capture a larger share of the lucrative deals market.

The shift follows the recent hiring of Viswas Raghavan from JPMorgan Chase (NYSE:JPM) to lead Citi's investment banking operations growth, aimed at positioning the bank for an anticipated recovery in deal-making, initial public offerings, and secondary share sales.

Under CEO Jane Fraser, Citi has been undergoing a significant overhaul to improve performance, cut costs, and simplify its extensive operations.

The bank appointed John Chirico and Jason Rekate as co-heads of corporate banking, moving Chirico from head of investment banking in North America to this new role.

Raghavan noted, "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 while we continue to invest in the business."

Citi has established an investment banking operating team comprising all banking executives and global heads for various investment banking sectors. This team will meet weekly to review client and market activity, address strategic priorities, and concentrate on Citi's key transactions.

This initiative is central to the growth strategy of the third-largest U.S. lender. Citi's investment banking fees rose 60% to $853 million in the second quarter, driven by strong debt and stock underwriting alongside increased fees from mergers and acquisitions advice.

Analysts anticipate further growth when Citi reports its third-quarter results on Tuesday.

Overview of Citi's Banking Executive Team (BET)

Investment Banking Operating Team (IBOT)