JPMorgan Chase & Co., the biggest U.S. bank by market value, hired Citigroup Inc.’s Andrea Grandi to oversee its corporate banking business in Italy.
Grandi, based in Milan, will report to Eva Lindholm, head of JPMorgan’s global corporate bank in Europe, the Middle East and Africa, and to Francesco Rossi Ferrini, senior country officer.
“Andrea joins in this newly created position at a time of great momentum as JPMorgan grows its corporate-banking business globally,” Lindholm said in an e-mailed statement.
Citigroup will replace Grandi shortly, said a spokesman for the U.S. bank in Milan, declining to elaborate. Grandi reported to Pier Luigi Colizzi, head of banking in Italy.
Italian daily Il Sole 24 Ore reported the hire earlier.