Citigroup Group poached another talent from J.P. Morgan, and Baygual will serve as the co-head of the M&A business.

Citigroup has appointed Guillermo Baygual from J.P. Morgan as co-head of mergers and acquisitions, a move that comes after the bank has poached several senior investment bankers from its rival. An internal memo shows that Baygual will lead Citigroup's M&A business together with his former colleague from J.P. Morgan, Drago Rajkovic. Citigroup had only appointed Rajkovic in June. A Citigroup spokesperson confirmed the content of the memo.