Raymond McGuire, co-head of mergers and acquisitions at Morgan Stanley, has quit the Wall Street bank to join rival Citigroup as global co-head of investment banking. He starts his new job in July.

Citigroup said yesterday that McGuire will work alongside Alberto Verme, global co-head of investment banking. He will report to Michael Klein, chief executive officer and head of global banking for Citigroup Corporate and Investment Banking.