The Jamie Dimon-led JPMorgan tapped longtime execs Filippo Gori and Doug Petno to lead a newly integrated commercial-, corporate-, and investment-banking businesses, according to an internal memo reviewed by Business Insider.

In addition, Filippo Gori — who has been with the bank since 1999 and is relocating from Hong Kong to London as part of the announcement — will become the bank’s new CEO of Europe, the Middle East, and Africa.

The shakeup comes on the heels of sweeping changes at Citi that will see the firm shed some 20,000 jobs over the next three years as Jane Fraser seeks to slash expenses by up to $2.5 billion. Investors seem to be responding favorably, with Citi’s share price up nearly 11% in the past year.

Despite the cutbacks, Fraser has made some strategic hires that stand to raise the company’s profile in certain businesses. Last year, for example, she poached Merrill Lynch head Andy Sieg to run Citi’s wealth-management business.

On Monday, Fraser indicated that she’s hoping Raghavan’s arrival at Citi could boost the firm’s dealmaking cred on Wall Street, saying the hire will help the bank “deliver on its commitments of expanding wallet share.” Citi’s investment bank trails many other large-cap rivals, ranking eighth in mergers and acquisitions in 2023, according to a league table maintained by the Financial Times. (Raghavan’s former home, JPMorgan, ranks second.)

“Vis will help shape and drive our firm-wide strategy and assist me with key strategic initiatives,” Fraser wrote in an announcement posted Monday to the bank’s website, touting the news. “Since first announcing the structural changes last year that established our Banking & International organization, we have begun to operate more efficiently and have strong momentum with clients,” she added, noting that Raghavan will report directly to Fraser and sit on both Citi’s executive management team and the board of the Citi Foundation.

Meet all the players of Monday’s investment-banking shakeup below:

Viswas (Vis) Raghavan

Raghavan has spent the last quarter of a century at JPMorgan, where he started in 2000 in debt and equity capital markets. In announcing his new role on Monday, Citi CEO Jane Fraser suggested the bank will seek to expand its “wallet share” under Raghavan. She touted his experience as the former CEO of JPMorgan’s EMEA as a selling point for the international bank. Under Raghavan, JPMorgan rose to No. 1 in EMEA, the company said in a memo about his departure.

In 2014, Raghavan was described by Financial News as “hard-working in the extreme and demanding as a boss,” adding that he was known to warn members of his team against becoming “lazy.”

He will start his new role this summer and report directly to Fraser and. On January 25, JPMorgan announced that Raghavan would take over as sole CEO of their investment bank as part of a bigger shakeup that renewed chatter over Dimon’s potential CEO successor.

Doug Petno

Petno has been rising in the ranks at JPMorgan for more than 30 years. For the last decade, the 59-year-old has been CEO of the bank’s commercial bank, dedicated to corporate lending, including to Silicon Valley startups and real-estate investors. Last month, JPMorgan said he would take over an “expanded commercial banking businesses” when the firm announced two new co-CEOs for its commercial and investment bank: Jennifer Piepszak and Troy Rohrbaugh.

His new role was announced internally Monday by Piepszak and Rohrbaugh, who — alongside Marianne Lake, who runs the consumer bank — are considered potential successors to Dimon. In their memo on Monday, Piepszak and Rohrbaugh said the commercial bank under Petno “has expanded significantly in the US and entered 27 countries to serve the growing needs of middle market and corporate clients.”

Filippo Gori

Gori, 49, has been CEO of JPMorgan’s Asia-Pacific region for the last decade, based out of London. In an internal memo announcing his new role, bank executives said he’s “significantly” grown revenue in the region since he took over the region in 2019.

The Italian-educated banker is reportedly fluent in both English and Italian. He joined JPMorgan in 1999.

He’ll be replaced as regional APAC CEO by Sjoerd Leenart. Both will report to Piepszak, Rohrbaugh, and Mary Erdoes, CEO of asset and wealth management.

Sjoerd Leenart

Leenart, 55, has been the global head of Corporate Banking since 2017, but previously served as the bank’s regional head for central & eastern Europe, the Middle East, and Africa (CEEMEA). He will move to Hong Kong in his new role as APAC CEO, according to the memo.

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