Citigroup establishes banking executive team, memo shows

(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 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

(Reporting by Arasu Kannagi Basil and Tatiana Bautzer in New York; Additional reporting by Manya Saini; Editing by Shilpi Majumdar and Alan Barona)