Citigroup Bets Big on Controversial Ex-JPMorgan Exec Viswas Raghavan
Viswas Raghavan, an Indian American banking executive, joined Citigroup in February 2024 after leaving JPMorgan Chase & Co. His move followed allegations of bullying and inappropriate behaviour at his former employer. Citigroup has since positioned him as a potential successor to CEO Jane Fraser. Raghavan’s departure from JPMorgan came after senior bankers raised concerns about his leadership style. Reports claimed he made offensive remarks to junior staff, including calling colleagues 'a waste of calories', 'ignorant', and 'inadequate'. These incidents contributed to his exit from the firm.
Citigroup’s hiring process for Raghavan involved senior leadership and board members. The bank later disclosed to shareholders that his $52 million pay package was designed to incentivise his departure from JPMorgan. CEO Jane Fraser personally extended the offer, signalling Raghavan’s importance to the company’s future.
Despite the controversies, Raghavan now leads Citigroup’s banking division. His role has placed him in line as a possible candidate to eventually replace Fraser at the helm of the company. Raghavan’s appointment comes with a substantial financial commitment from Citigroup. The bank has tied his future to its long-term strategy, despite the concerns raised during his time at JPMorgan. His performance and conduct will now be closely watched by shareholders and industry observers.
