(Bloomberg) -- Wells Fargo & Co. has hired Derek Van Zandt from Citigroup Inc. as head of media and telecommunications in its corporate and investment bank, according to people familiar with the matter. 

Van Zandt will be based in New York and report to Brian Gudofsky, who runs Wells Fargo’s technology, media and telecommunications group, said the people, who asked not to be identified because the matter is private. He’ll start at Wells Fargo after a standard period of leave. 

A Wells Fargo spokeswoman confirmed Van Zandt’s hiring, declining to comment further. A representative for Citigroup declined to comment.

Van Zandt replaces Jeff Gignac, who left Wells Fargo to become chief financial officer of Gray Television Inc.

With more than 24 years at Citigroup, Van Zandt was most recently a managing director leading media investment banking in North America, according to his LinkedIn profile. He has helped advise companies including Walt Disney Co. on its $71 billion purchase of 21st Century Fox Inc.’s entertainment assets, as well as movie theater operator AMC Entertainment Holdings on several cinema deals. 

Under Chief Executive Officer Charlie Scharf, Wells Fargo has been building out its investment banking ranks to better compete with rivals. Last year it hired telecommunications banker David Kase from Barclays Plc.

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Citigroup is in the midst of its biggest restructuring in decades as Chief Executive Officer Jane Fraser looks to lift the lender’s returns. The bank said Monday that it hired Viswas Raghavan from JPMorgan Chase & Co. to lead its newly formed banking division, replacing Peter Babej, who took the role on an interim basis in September.

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