Citigroup Inc. has hired Doug Baird, a Bank of America Corp. executive, as chairman of equity capital markets for the Americas.

Baird, managing director of U.S. equity capital markets at B of A's Merrill Lynch unit, will start in August, a Citigroup spokeswoman confirmed on Tuesday. Reuters reported the hiring earlier in the day.

Citigroup previously announced that it intends to hire 500 people in its institutional clients group. Recently it has made some other high-profile hires, such as former White House budget director Peter Orszag, and notched some prominent underwriting and advising successes, such as its role in the listing of Glencore International AG and its advisory work for Lubrizol Corp., which was bought by Warren Buffet's Berkshire Hathaway Inc.

B of A hired Baird from Deutsche Bank a nearly four years ago in a push to bolster the market share of its securities operations.