Citigroup is undertaking a significant reorganization of its corporate banking leadership as Vis Raghavan establishes his management footprint after joining the bank from JPMorgan Chase.
According to an internal memo reviewed by Bloomberg News and confirmed by a Citigroup spokesperson, Marcelo Marangon and Kaleem Rizvi have been named co-heads of corporate banking. Marangon, who has been serving as the bank's chief country officer for Brazil, will relocate to New York. Rizvi will move to London. Both will report directly to Raghavan.
The memo also designates John Chirico as global chair of investment banking and Jason Rekate as global chair of corporate banking. Those appointments sit alongside other leadership adjustments intended to reconfigure the bank's corporate and investment banking oversight.
Within North American corporate banking, Paul Burroughs - currently head of the region - will transition to the role of vice chair of corporate banking for North America. In his place, Cathy Shepherd and Andrew Padovano will serve as co-heads of North American corporate banking.
CEO Jane Fraser recruited Raghavan from JPMorgan, where he spent more than two decades and co-led investment banking, as part of a broader effort to lift returns at Citigroup's banking unit. In the memo, Raghavan described the group as having "incredible" momentum heading into this year.
The leadership moves span multiple geographies and reporting lines, with several senior managers relocating and shifting responsibilities across the bank's corporate and investment banking franchises. A Citigroup spokesperson confirmed the memo's contents to Bloomberg.
These changes reflect a concentrated reallocation of senior roles rather than incremental adjustments. The appointments place Raghavan at the center of corporate banking decision-making, with direct reports now in New York and London and designated global chairs for both investment banking and corporate banking.
While the memo indicates intent and internal confirmation, it does not provide additional details on timeframes for the relocations or on operational steps for implementing the new reporting structure.