Citigroup has brought Viswas Raghavan on board with a compensation package estimated at around $52 million, a man who is known for his long tenure at JPMorgan Chase, where he built a strong reputation in global banking and capital markets. He worked on major deals and held leadership roles, making him a prominent figure within the firm. However, he was reportedly in the controversy at JPMorgan due to internal concerns tied to workplace conduct, including allegations of abusive behavior. Raghavan joined Citigroup in February 2024 as its head of banking, just days after JPMorgan informed him he had no long-term future at the firm, according to a report by the Financial Times.
In his 23-year tenure at JPMorgan, Raghavan played a key role in strengthening the firm’s position in European investment banking. He helped drive the bank’s growth beyond its US roots, rising through the ranks to become CEO of its Europe, Middle East, and Africa operations and eventually the sole head of global investment banking. Raghavan also earned the respect and loyalty of a close group of colleagues who saw him as a tough taskmaster who generated results, helping take the bank to the top of the European league tables.
After almost two years at Citi, the investment banker is positioned as one of the main contenders one day to succeed Fraser as CEO.
On Raghavan’s joining, Citi told the Financial Times that “the process for how Vis joined Citi has been mischaracterised . . . It began in January 2024, lasted more than a month and included internal and external diligence as well as direct participation from Citi’s senior leadership and board of directors”.
The controversy
Nearly a decade ago, the Human Resources (HR) team of JPMorgan’s was alerted after allegations of inappropriate comments by Raghavan in front of dozens of juniors on their first day at the bank’s Canary Wharf offices, according to people familiar with the remarks.
Raghavan allegedly recounted a story about an attractive woman he had been distracted by while he was a student. Now, he told them, “she was fat”, while he was an executive at JPMorgan. Multiple people present complained about the comments, which Raghavan denied he had made when approached by HR.
Another issue was related to recruitment of a close family member at JPMorgan’s investment bank, which he presided over.
The bank’s hiring rules generally prohibited such an arrangement for executives as senior as Raghavan except under very limited circumstances because of concerns about nepotism.
Raghavan issues were escalated to as high as to the bank’s CEO, Jamie Dimon.
Then a senior JPMorgan investment banker in the US, Fernando Rivas, told the CEO that during a trip in 2021 that Raghavan’s behaviour was problematic.
A review of investment banking was ordered by JPMorgan, which Raghavan at the time oversaw with New York-based banker Jim Casey, said people familiar with the matter. No significant action was ultimately taken.
