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 this year.

Citi's CEO Jane Fraser has expressed high hopes for Raghavan

as she seeks to turn around the company and revitalize its

division catering to multinational corporations.

In a Linkedin post on Tuesday, Fraser welcomed the executive

to the bank, adding a photo of both at Citi's headquarters in

New York. "His decision to join Citi reflects our ability to

attract the best talent to our firm", she said in the post.

In a shareholders meeting in April, the CEO said she was

delighted to welcome the executive and added, "We look forward

to the added intensity he will no doubt bring." Two sources who

worked with him described Raghavan, who climbed JPMorgan's ranks

from capital markets, as a demanding manager, with one noting

his confident style. They declined to be identified discussing

personnel matters. Citi declined to comment.

Citi's investment banking revenue in the first quarter was

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

period.

Citi's unit "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' 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%.

Chief Financial Officer Mark Mason has said in recent

earnings conference calls that he expects Citi market share to

increase by up to 30% in 2024.