NEW YORK, June 4 (Reuters) - Viswas Raghavan joined

Citigroup ( C/PN ) as its new head of banking this week in New

York, the lender said on Tuesday, after it hired the former head

of investment banking from JPMorgan earlier this year.

Citi's CEO Jane Fraser has expressed high hopes for

Raghavan, who climbed JPMorgan's ranks from capital markets, as

she seeks to turn around the bank and revitalize its division

catering to multinational corporations.

In a Linkedin post on Tuesday, Fraser welcomed the new

executive and shared a photo with him at Citi's headquarters.

"His decision to join Citi reflects our ability to attract the

best talent," she wrote.

The CEO told shareholders in April she was delighted to

welcome Raghavan and added, "we look forward to the added

intensity he will no doubt bring."

Raghavan was described by two sources who worked with him as

a demanding manager, with one noting his confident style. They

declined to be identified discussing personnel matters. Citi

declined to comment.

Raghavan previously served as JPMorgan's CEO in the Europe,

Middle East and Africa (EMEA) region, while also leading its

investment and corporate banking and treasury services in the

region. After joining JPMorgan in 2000, he held senior roles in

debt and equity capital markets.

The executive grew up in India and has bachelors degrees in

physics from the University of Bombay and electronic engineering

and computer science from Aston University. He is also a

chartered accountant.

Citi's investment banking revenue in the first quarter was

$903 million, half of the $2 billion JPMorgan reaped in the same

period.

The banking unit at Citi "can use a revamp," Wells Fargo

analyst Mike Mayo wrote in a note in February when Raghavan's

hire was announced. The executive "could be attracted to Citi

given its large global footprint," taking sole responsibility

over a business line, and facing easier performance comparisons

relative to the company's history, Mayo wrote. The stock is his

top pick.

Citigroup ( C/PN ) has been the fifth or sixth largest global bank in

investment banking revenue over the last five years, according

to Dealogic rankings. Its share in global revenue has been 4.8%

this year so far, up from 4.1% in 2023. The other large U.S.

rivals have investment banking market share above 6%.

Investors have rewarded Fraser with a 19% share price boost

this year as she carried out a sweeping overhaul. The gains

outpaced a 13% increase for an S&P 500 index of bank stocks in

2024.