Citi paid ex-JPMorgan banker $52M bullying – Business News
A star banker was handed a staggering $52 million pay package deal by Citigroup simply three days after being instructed he was out of a job at rival JPMorgan Chase — the place he had confronted years of complaints accusing him of abusive conduct, based on a bombshell report.
Viswas Raghavan was employed by Citigroup in February 2024 as its head of banking, simply days after JPMorgan Chase instructed him he had no long-term future on the firm, based on the Financial Times.
Raghavan was not instantly out there for remark.
Viswas Raghavan confronted years of complaints at JPMorgan Chase alleging he berated employees, used offensive language and intimidated workers, based on a report. Bloomberg through Getty Images
Raghavan’s hiring by Citigroup adopted years of complaints that he berated JPMorgan employees as “a waste of calories,” “ignorant” and “inadequate,” and was susceptible to explosive outbursts within the workplace, based on 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 girl he as soon as discovered enticing earlier than including that “now, she was fat,” feedback that drew complaints and had been later denied when HR acquired concerned, based on the report.
Some colleagues described him as a “bully” whose conduct was out of place even by Wall Street requirements, citing repeated incidents of intimidation and offensive language, the report mentioned.
His conduct had been the subject of a number of inside evaluations at JPMorgan Chase over time, with the bank at one level reducing his pay over behavioral points, based on the report.
Raghavan allegedly described his management type in crude phrases (“grab them by the balls”) — although his spokesperson denied that characterization.
JPMorgan declined to remark. The Post has reached out to Citigroup.
Jane Fraser recruited Viswas Raghavan as head of banking in a high-stakes bid to revive Citigroup’s investment bank.
Senior bankers had grown more and more alarmed over his management type, with some threatening to stop and others lodging complaints that escalated to high executives, together with CEO Jamie Dimon, based on the report.
Raghavan had been instructed by JPMorgan management that he had no future on the bank simply days after a management reshuffle — with plans underway to sideline him — earlier than he moved shortly to secure the Citi position over a single weekend, the report mentioned.
Citigroup instructed shareholders the $52 million compensation package deal was needed to “incentivize” Raghavan to go away JPMorgan Chase — however didn’t disclose that he had already been instructed he was on his method out on the rival bank, based on the report.
Offices of Citigroup, which handed Raghavan a $52 million pay package deal to affix its management staff in 2024. steheap – stock.adobe.com
Despite the controversy, Raghavan is now seen as a potential successor to Jane Fraser at Citigroup — a prospect that has alarmed some former colleagues and emboldened critics to talk out, the report mentioned.
Raghavan is a veteran dealmaker who spent more than twenty years at JPMorgan Chase, rising via the ranks to turn out to be the bank’s high investment banker and one of its strongest executives in Europe.
Over his 23-year tenure, he helped cement JPMorgan’s dominance in European investment banking, driving enlargement past its US base and climbing to roles together with CEO of its Europe, Middle East and Africa business and, in the end, sole head of world investment banking.
Known as a hard-charging operator, he constructed a repute as a rainmaker in capital markets earlier than transitioning into broader management roles overseeing main shopper relationships and multibillion-dollar offers.
The JPMorgan Chase headquarters in Manhattan, the place Viswas Raghavan spent more than twenty years earlier than being instructed he had no long-term future on the bank. Wirestock – stock.adobe.com
Since becoming a member of Citigroup, he has been credited with serving to revive its long-struggling investment bank, luring high expertise from rivals and driving document revenues within the division.
Earlier this yr, a Citigroup exec suing for sexual harassment blasted the bank’s investigations unit as an “internal hit squad” that retaliates towards workers who report misconduct.
The lawsuit alleges a “pervasive” tradition of harassment and claims probes had been weaponized to guard the firm and power out whistleblowers.
Citigroup has additionally denied bombshell sexual harassment claims towards wealth chief Andy Sieg, calling the lawsuit baseless and pushing to maneuver the case into arbitration.
The bank mentioned the accuser repeatedly praised Sieg even after the alleged misconduct, undercutting her claims.
