The US banking group has tapped a capital markets figure from one of its main rivals.

Citigroup said this week that former JP Morgan Private Bank figure Russell Budnick is joining Citi Wealth in August as capital markets head.

Budnick will report to Keith Glenfield, the head of investment solutions, Citigroup said in a statement. Budnick will be responsible for overseeing the Citi Wealth capital markets business.

Prior to this, Budnick was global head of market strategy and trading in the capital markets group of JP Morgan Private Bank. 

“Russ is a proven leader with decades of capital markets experience. He is uniquely positioned to continue the strong momentum of the business and partner across the Citi organization to deliver on behalf of our clients,” Glenfield said.