Citigroup Hires Controversial JPMorgan Banker for $52 Million Role

Citigroup has recruited Viswas Raghavan, a senior banker, from JPMorgan Chase & Co. The move followed a lengthy hiring process involving top executives and board members. His appointment comes despite serious allegations about his workplace conduct at his former employer. Raghavan joined Citigroup in February 2024, shortly after leaving JPMorgan. To secure his hire, CEO Jane Fraser offered him a pay package worth $52 million. The bank later told shareholders this sum was necessary to persuade him to leave his previous role.

At JPMorgan, Raghavan faced repeated accusations of bullying and inappropriate behaviour. Colleagues reported explosive outbursts, with claims he berated junior staff using terms like 'a waste of calories', 'ignorant', and 'inadequate'. Senior bankers at JPMorgan reportedly threatened to resign over his conduct, prompting two internal reviews. Despite these concerns, Citigroup proceeded with the recruitment after a month-long evaluation. Raghavan, an Indian American, now leads the banking division at the firm.

The hiring decision places Raghavan in a key leadership role at Citigroup. His compensation package stands at $52 million, one of the highest in the industry. The bank has not addressed the past allegations directly, but his appointment signals a strategic push in its banking operations.