An Indian-origin banker set to earn around Rs 500 crore at Citigroup is facing scrutiny after a report alleged he bullied colleagues during his time at JPMorgan Chase.Viswas “Vis” Raghavan joined Citigroup as head of banking in February 2024 and was handed a compensation package worth $52 million just days after leaving JPMorgan, according to a Financial Times report.The hiring has drawn attention because it followed years of internal complaints about his behaviour at JPMorgan. Colleagues alleged that Raghavan frequently used harsh language and insults, at times calling staff “a waste of calories,” “ignorant” and “inadequate,” in the workplace.In one instance, he was accused of making inappropriate remarks to junior bankers on their first day. According to the FT report, he shared a personal anecdote about a woman he once found attractive before adding that “now, she was fat.” The comments led to complaints, though they were later denied when the matter reached human resources.Some colleagues described him as a “bully,” saying his conduct stood out even in the high-pressure environment of investment banking. His management style resulted in multiple internal reviews at JPMorgan, and the bank is said to have cut his pay at one point over behavioural concerns.Raghavan also allegedly described his leadership approach in crude terms, saying he would “grab them by the b***s,” a claim his spokesperson denied.Despite these concerns, Citigroup has defended its decision to hire him. In a statement, the bank said the recruitment process was thorough and not rushed.“The process for how Vis joined Citi has been mischaracterized by the FT,” the bank said.It added: “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.”Citigroup added 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,” the bank said.The report also claimed that senior executives at JPMorgan had grown concerned about his behaviour, with some employees threatening to quit and others making complaints to top leadership, including CEO Jamie Dimon.Raghavan was told he had no future at JPMorgan following a management reshuffle. He then secured the Citigroup role within a matter of days.Citigroup informed shareholders that the $52 million pay package was necessary to “incentivize” him to leave JPMorgan, though it did not disclose that he had already been informed of his likely exit from the firm.Despite the row, Raghavan has built a strong reputation as a dealmaker over a career spanning more than two decades. During his 23 years at JPMorgan, he rose through the ranks to become one of its most senior investment bankers, playing a key role in expanding its European business and leading major deals.Since joining Citigroup, he has been credited with strengthening its investment banking division, attracting senior talent and helping deliver record revenues. He is now seen by some within the industry as a potential successor to Citigroup chief executive Jane Fraser.
Indian-origin banker to receive $52 million after leaving JPMorgan amid ‘bullying’ allegations
