A star banker was handed a staggering $52 million pay package by Citigroup just three days after being told he was out of a job at rival JPMorgan Chase — where he had faced years of complaints accusing him of abusive behavior, according to a bombshell report.
Viswas Raghavan was hired by Citigroup in February 2024 as its head of banking, just days after JPMorgan Chase told him he had no long-term future at the firm, according to the Financial Times.
Raghavan was not immediately available for comment.
Raghavan’s hiring by Citigroup followed years of complaints that he berated JPMorgan staff as “a waste of calories,” “ignorant” and “inadequate,” and was prone to explosive outbursts in the office, according to the report.
In one incident recounted by colleagues, Raghavan allegedly 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,” comments that drew complaints and were later denied when HR got involved, according to the report.
Some colleagues described him as a “bully” whose conduct was out of place even by Wall Street standards, citing repeated incidents of intimidation and offensive language, the report said.
His conduct had been the subject of multiple internal reviews at JPMorgan Chase over the years, with the bank at one point cutting his pay over behavioral issues, according to the report.
Raghavan allegedly described his leadership style in crude terms (“grab them by the balls”) — though his spokesperson denied that characterization.
JPMorgan declined to comment.
“The process for how Vis joined Citi has been mischaracterized by the FT,” Citigroup told The Post in a statement.
“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 bank said that Raghavan “is a proven leader with a well-earned track record for driving results.”
“We’re thrilled to have him as a member of Citi’s executive management team and proud of the business he is building here,” Citigroup said.
Senior bankers had grown increasingly alarmed over his management style, with some threatening to quit and others lodging complaints that escalated to top executives, including CEO Jamie Dimon, according to the report.
Raghavan had been told by JPMorgan leadership that he had no future at the bank just days after a management reshuffle — with plans underway to sideline him — before he moved quickly to secure the Citi role over a single weekend, the report said.
Citigroup told shareholders the $52 million compensation package was needed to “incentivize” Raghavan to leave JPMorgan Chase — but did not disclose that he had already been told he was on his way out at the rival bank, according to the report.
Despite the controversy, Raghavan is now viewed as a potential successor to Jane Fraser at Citigroup — a prospect that has alarmed some former colleagues and emboldened critics to speak out, the report said.
Raghavan is a veteran dealmaker who spent more than two decades at JPMorgan Chase, rising through the ranks to become the bank’s top investment banker and one of its most powerful executives in Europe.
Over his 23-year tenure, he helped cement JPMorgan’s dominance in European investment banking, driving expansion beyond its US base and climbing to roles including CEO of its Europe, Middle East and Africa business and, ultimately, sole head of global investment banking.
Known as a hard-charging operator, he built a reputation as a rainmaker in capital markets before transitioning into broader leadership roles overseeing major client relationships and multibillion-dollar deals.
Since joining Citigroup, he has been credited with helping revive its long-struggling investment bank, luring top talent from rivals and driving record revenues in the division.
Earlier this year, a Citigroup exec suing for sexual harassment blasted the bank’s investigations unit as an “internal hit squad” that retaliates against employees who report misconduct.
The lawsuit alleges a “pervasive” culture of harassment and claims probes were weaponized to protect the firm and force out whistleblowers.
Citigroup has also denied bombshell sexual harassment claims against wealth chief Andy Sieg, calling the lawsuit baseless and pushing to move the case into arbitration.
The bank said the accuser repeatedly praised Sieg even after the alleged misconduct, undercutting her claims.
Credit: Source link
