JPMorgan Chase has appointed Filippo Gori and Doug Petno as its co-heads of global banking as part of a reorganisation at the US bank, with Viswas Raghavan departing for rival Citi weeks after being promoted to oversee the unit.

According to a memo spotted by Reuters, the new organisation structure will merge the bank’s commercial, corporate and investment banking franchises under the global banking umbrella.

This shift will help JPMorgan be better aligned to its coverage of clients as they grow in size and complexity, the memo added.

Petno has overseen the commercial banking group since 2012, while Gori adds Europe, Middle East and Africa chief exec to his responsibilities alongside co-head of global banking.

Earlier on Monday, rival US bank Citi announced the hire of Viswas Raghavan as its new head of banking. Raghavan is expected to join Citigroup in the summer, an internal memo from chief exec Jane Fraser said.

The executive will work alongside Ernesto Torres Cantú, Citi's head of international, and David Livingstone, head of the newly created client division.

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