Cincinnati, Ohio-based Fifth Third Bank has promoted Jeff Korzenik to the role of chief investment strategist, replacing John Augustine who has been appointed as chief market strategist.

As chief investment strategist, Korzenik, who is currently director of regional portfolio management, will manage the overarching strategy of Fifth Third’s investment management group, the firm said. He has 25 years of experience in investment advising and joined Fifth Third in 2009.

Augustine has worked for Fifth Third since 1998 and has a 20-year background in portfolio management. As chief market strategist, he will focus on "forward-thinking investment strategies" and financial advice for all divisions of the bank, with immediate effect.

Fifth Third Bank has $117 billion in assets and operates 15 affiliates.