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A bombshell report says Viswas Raghavan, a senior banker who was hired by Citigroup in February 2024, received a $52 million pay package just three days after JPMorgan Chase told him he had no long-term future at the firm. The report also describes years of complaints at JPMorgan involving alleged abusive behavior and explosive outbursts.
According to the Financial Times, Raghavan was brought into Citigroup as head of banking in February 2024 shortly after JPMorgan told him he was being sidelined. The report says 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.
Raghavan was not immediately available for comment. JPMorgan declined to comment, and the Post said it reached out to Citigroup.
The report says Raghavan faced multiple internal reviews at JPMorgan over the years, including allegations that he berated staff with remarks such as “a waste of calories,” “ignorant,” and “inadequate.” Colleagues also described him as a “bully,” citing repeated incidents of intimidation and offensive language.
One incident described by colleagues involved alleged inappropriate remarks to junior bankers on their first day. The report says Raghavan told 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 became involved.
It also says JPMorgan at one point cut his pay over behavioral issues. The report further alleges Raghavan described his leadership style in crude terms (“grab them by the balls”), though his spokesperson denied that characterization.
Senior bankers at JPMorgan, according to the report, grew increasingly alarmed over Raghavan’s management style. Some threatened to quit, while others lodged complaints that escalated to top executives, including CEO Jamie Dimon.
The report says Raghavan was told by JPMorgan leadership he had no future at the bank just days after a management reshuffle, with plans underway to sideline him. It adds that he moved quickly to secure the Citi role over a single weekend.
Despite the controversy, the report says Raghavan is now viewed as a potential successor to Citigroup CEO Jane Fraser. It adds that the prospect has alarmed some former colleagues and emboldened critics to speak out.
Raghavan is described as a veteran dealmaker who spent more than two decades at JPMorgan Chase. The report says he rose through the ranks to become the bank’s top investment banker and one of its most powerful executives in Europe.
Over a 23-year tenure, he helped cement JPMorgan’s dominance in European investment banking, driving expansion beyond its U.S. base. The report says he held roles including CEO of JPMorgan’s Europe, Middle East and Africa business and ultimately sole head of global investment banking.
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, according to the report.
The report also references related legal disputes at Citigroup. Earlier this year, a Citigroup executive suing for sexual harassment described 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 used 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 seeking to move the case into arbitration. The bank said the accuser repeatedly praised Sieg even after the alleged misconduct, according to the report.
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