Citigroup announced a set of senior leadership changes in its corporate and investment banking ranks as part of an effort by senior management to improve the bank's competitive position on Wall Street. An internal memo outlining the changes assigns experienced industry figures to new global roles and elevates co-heads to run the corporate banking franchise.
In the memo, Jason Rekate and John Chirico are named global chairs for corporate banking and investment banking, respectively. Marcelo Marangon and Kaleem Rizvi are designated as co-heads of corporate banking. The appointment of Marangon and Rizvi underscores a recent period of active hiring under Viswas Raghavan - the head of Citi's banking group who joined the lender from JPMorgan Chase in 2024.
The memo notes that, since Raghavan's arrival, the bank has recruited more than a dozen high-profile bankers from competitors. Leadership has also been pressing executives to increase collaboration across business lines with the stated aim of winning deals and broadening revenue opportunities.
Strengthening the investment banking unit is described as central to CEO Jane Fraser's broader plan to revive the group's performance. The personnel moves include specific geographic reassignments: Marangon, currently serving as Brazil's chief country officer, will relocate to New York to oversee corporate banking across the Americas. Rizvi will move to London from his present role leading JANA corporate banking and will take on day-to-day oversight of corporate banking across the UK, Europe, the Middle East, Africa and Asia.
The bank's recent results provide context for the reorganization. Citigroup reported quarterly results earlier in the month that exceeded Wall Street estimates for fourth-quarter profit, with the memo citing a rebound in dealmaking and stronger demand for services to corporate clients as supporting factors.
Market performance this year has also been notable. Shares of Citigroup rose nearly 66% in 2025, outpacing the broader market and most of its banking peers, according to the memo's summary of market activity.
The memo also references tools used by some investors to evaluate the stock. It notes that an AI-driven evaluation product called ProPicks AI assesses Citigroup alongside thousands of companies each month using more than 100 financial metrics, aiming to identify stocks with favorable risk-reward characteristics. The memo includes promotional language describing past winners from that product and references a New Year’s sale offering 55% off.
Contextual note - The bank's shift in leadership roles and geographic responsibilities is presented in the memo as part of a coordinated effort to deepen the firm's capabilities in corporate and investment banking and to capitalize on renewed client demand and deal activity.