Citi Banking Head Raghavan Shakes Up Team in Hunt for Profit (1)

Citigroup Inc. established a new Banking Executive Team to oversee its commercial and investment banking work under new head Vis Raghavan.

Raghavan, who joined Citi this year from JPMorgan Chase & Co., promoted John Chirico to co-head of corporate banking alongside its current chief, Jason Rekate, according to a memo seen by Bloomberg.

Jens Welter, the head of investment banking for the UK, Europe, the Middle East and Africa, is moving to New York to take responsibility for North American investment banking coverage, replacing Chirico. Nacho Gutierrez will take Welter’s place.

Citi’s banking unit has underperformed ...