Just three days after learning of his impending job loss at JPMorgan Chase, Viswas Raghavan was awarded an eye-popping $52 million pay package by Citigroup. This comes amid years of complaints about his alleged abusive behavior, as reported by the Financial Times.
Raghavan took on the role of head of banking at Citigroup in February 2024. Shortly after, JPMorgan Chase informed him that he wouldn’t have a long-term future with them.
Attempts to reach Raghavan for comment were unsuccessful.
Throughout his time at JPMorgan, Raghavan faced multiple complaints, reportedly belittling employees with terms like “waste of calories” and exhibiting erratic behavior during office interactions. For instance, on his first day, he reportedly made an inappropriate remark about a woman’s appearance to junior bankers, which led to complaints and was later dismissed by HR.
Some colleagues characterized him as a bully, noting repeated threats and crude language that crossed the line, especially in a high-pressure environment like Wall Street.
His past conduct has drawn multiple internal investigations at JPMorgan Chase. At one point, the bank even reduced his pay due to ongoing behavioral issues.
While he allegedly described his leadership in blunt terms, a spokesperson disputed that characterization.
JPMorgan declined to comment, while Citigroup was also approached for a statement.
According to the report, senior bankers had grown increasingly concerned about Raghavan’s management style, with some contemplating resignation and others filing complaints that made their way up to high-ranking executives, including CEO Jamie Dimon.
Days after a management reshuffle, Raghavan was told he had no future at JPMorgan, but then he quickly secured the position at Citigroup over the weekend.
Citigroup explained that the $52 million package was necessary to “motivate” Raghavan to leave his previous job, although they did not clarify that he had already been told he was leaving.
Despite the controversies surrounding him, Raghavan is being considered a potential successor to Jane Fraser at Citigroup, a notion that is stirring unease among some former colleagues and prompting critics to voice their concerns.
With over two decades at JPMorgan Chase, Raghavan became a significant figure in the investment banking sector, helping the firm expand its influence in Europe and climb to notable leadership positions.
He was known as a powerful dealmaker, recognized for his ability to bring in significant transactions and foster key client relationships.
Since his arrival at Citigroup, he has been acknowledged for revitalizing the struggling investment bank by attracting top talent and achieving record profits.
Earlier this year, a Citigroup executive suing for sexual harassment claimed the bank’s investigative team retaliated against those reporting misconduct. The lawsuit alleges a widespread culture of harassment and asserts that investigations have been manipulated to protect the institution while ousting whistleblowers.
Citigroup has denied the allegations in a related sexual harassment lawsuit involving wealth chief Andy Sieg, calling the claims unfounded and seeking arbitration.
The bank noted that the accuser continued to praise Sieg even after the accusations arose, downplaying the claims.
