(Bloomberg) -- Citigroup Inc. hired JPMorgan Chase & Co.’s Viswas Raghavan to lead its newly formed banking division, poaching from a key rival as Chief Executive Officer Jane Fraser presses ahead with the bank’s biggest restructuring in decades.

Raghavan will join the firm’s executive management team and report directly to Fraser, Citigroup said in an internal memo Monday. He’s expected to start at the bank in summer and will lead Citigroup’s dealmakers and capital markets teams as well as the corporate and commercial banking arms around the world. 

With Raghavan, Fraser is getting access to a seasoned investment banker who has led JPMorgan’s sprawling franchise across Europe, the Middle East and Africa since 2017. In her bid to improve returns, Fraser has shown she’s willing to look outside Citigroup’s ranks to secure top talent, adding Bank of America Corp.’s Andy Sieg to lead her burgeoning wealth business last year. 

Those moves have also helped Citigroup create a deeper bench of executive talent that could one day succeed Fraser, who took the reins at Citigroup three years ago. In jumping to Citigroup, Raghavan reports directly to Fraser, whereas at JPMorgan he had other layers of management between him and CEO Jamie Dimon.

“Vis is the right person to take over at this pivotal moment for our banking franchise,” Fraser said in the memo. 

Sudden Move

The move comes just weeks after Raghavan was promoted to be sole head of JPMorgan’s global investment banking franchise in January. Separately on Monday, JPMorgan elevated Doug Petno and Filippo Gori to become co-heads of a new global banking division, which includes the firm’s commercial, corporate and investment banking franchises.

Gori, who was most recently leading JPMorgan’s business across the Asia Pacific region, will replace Raghavan as CEO of the bank’s business in Europe, the Middle East and Africa. 

Citigroup has been looking for a banking head since Fraser reorganized the firm in September in a move that was designed to propel the company from a banking underdog to one that’s competitive with its more profitable peers.

Read More: Jane Fraser Starts Year of Cuts in Bid to Turn Around Citigroup 

Raghavan is replacing Peter Babej, who took the role on an interim basis in September. Babej will assist with Raghavan’s transition before retiring from the bank as he previously planned, according to the bank’s memo.

Raghavan, 57, is taking over a business at Citigroup that has long lagged behind its biggest rivals, despite years of effort by leaders to add talent and expand in key areas of investment banking. The unit posted a net loss of $322 million in the fourth quarter as expenses soared. 

“We certainly aspire to be better,” Fraser said of the unit’s results in January. “We like our pipeline, but of course, the timing for a robust recovery is uncertain.”

--With assistance from Dinesh Nair and Hannah Levitt.

(Updates with additional details from memo starting in second paragraph.)

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