Citigroup Recruits JPMorgan's Viswas Raghavan as Banking Head with $52 Million Package

Citigroup hired Viswas Raghavan in February 2024 as its head of banking, providing him with a $52 million pay package just days after JPMorgan Chase told him he had no long-term future at the firm, the New York Post reported, citing the Financial Times.

The compensation was necessary to incentivize Raghavan to leave JPMorgan, Citigroup told shareholders. Raghavan secured the Citigroup role over a single weekend following the notification from JPMorgan, which came days after a management reshuffle at the bank.

At JPMorgan Chase, where Raghavan spent 23 years and more than two decades, he faced years of complaints alleging he berated staff, used offensive language, and intimidated employees. His conduct was the subject of multiple internal reviews over the years, and JPMorgan cut his pay at one point over behavioral issues.

In one incident at JPMorgan, Raghavan made inappropriate remarks to a group of junior bankers on their first day, telling a story about a woman he once found attractive before adding that 'now, she was fat,' according to colleagues cited by the Financial Times.

The remarks drew complaints and were later denied when HR got involved. Raghavan described his leadership style as 'grab them by the balls,' though his spokesperson denied that characterization. Senior bankers at JPMorgan grew increasingly alarmed over his management style, with some threatening to quit and others lodging complaints that escalated to top executives, including CEO Jamie Dimon.

Jane Fraser recruited Raghavan as head of banking at Citigroup. Raghavan rose through the ranks at JPMorgan to become the bank’s top investment banker and one of its most powerful executives in Europe. He served as CEO of JPMorgan Chase's Europe, Middle East and Africa business and as sole head of global investment banking.