How Vis Raghavan, accused by JPMorgan employees of ‘bullying’, was hired by Citi for $52 million

Viswas "Vis" Raghavan, an India-born “star banker”, is at the centre of a controversy. A bombshell report has revealed allegations of bullying against Raghavan by employees at his previous workplace, JPMorgan Chase.

The report also claims that he bagged a job with Citigroup just three days after its rival, JPMorgan, told the banker that he would be shown the door. The report comes at a time when JPMorgan is already under scrutiny over a junior male employee’s sexual harassment and racial abuse lawsuit against a female executive.

Let’s take a closer look.

Who is Vis Raghavan?

Vis Raghavan is the head of banking and executive vice chair at Citi. As per the bank’s website, he supervises the investment bank’s “corporate, commercial and investment banking activities, and partners with Citi’s international franchises to drive global delivery of the firm’s resources across nearly 100 markets.”

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Raghavan also serves on Citi's Executive Management Team and the board of the Citi Foundation.

He grew up in India, where he earned a Bachelor of Science degree in Physics from the University of Bombay. He completed his Bachelor of Science honours in Electronic Engineering and Computer Science from Aston University in Birmingham, UK.

Raghavan is also a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.

Before Citi, the investment banker was employed at JPMorgan, which he first joined in 2000. Raghavan served as Head of Global Investment Banking at the bank. Before that, he was the Co-Head of Global Investment and Corporate Banking since 2020.

He has also held the post of the Chief Executive Officer of JPMorgan in Europe, the Middle East and Africa.

Bullying claims against Vis Raghavan

Viswas Raghavan was being forced to leave JPMorgan in February 2024. He was told that he did not have a "long-term future" with the group, as per a Financial Times (FT) report.

Three days later, Raghavan was snapped up by Citigroup as its head of banking for a $52 million pay package, with the group telling its shareholders that this salary was needed to “incentivise” Raghavan “to leave his prior employer” and join Citi’s leadership team.

As per FT, there have been complaints at JPMorgan about the investment banker's behaviour for years. He has been accused of belittling JPMorgan staff as “a waste of calories,” “ignorant” and “inadequate”.

His choice of words and temper "shocked" other colleagues, the report claimed. People in the know of his conduct told the financial newspaper that he would “explode” in his glass-walled office.

About 10 years ago, JPMorgan’s human resources team was alerted by several juniors in front of whom Raghavan had described a woman, whom he found attractive as a student, as "fat". He told HR he did not make these remarks when contacted.

In 2023, a family member of Raghavan was hired at JPMorgan’s investment bank, which he presided over. This was against the bank's hiring rules due to concerns of nepotism for executives as senior as Raghavan, with exceptions only in some cases.

As per FT, over the years, the star banker's conduct was flagged even to JPMorgan's CEO, Jamie Dimon.

He was a polarising figure at the bank. Colleagues at the bank viewed him as “very driven” and a person who could “effect change”. He is credited with making JPMorgan the biggest investment bank in Europe.

He was seen as a "tough taskmaster" who got results. But his use of offensive language triggered two internal reviews over his leadership style at the bank where he spent over 23 years.

How Vis Raghavan landed job at Citi

JPMorgan leadership told Raghavan on a Friday in February 2024 that he had no future with the bank. The plan was to announce new leadership on Monday. However, that weekend, he approached Citi's London-based banker David Livingstone.

In the span of a couple of days, Citi hired Raghavan, with him informing JPMorgan on Sunday that he is joining Citi.

On Monday morning, Citi announced to the market that it was hiring Raghavan.

As per FT, Raghavan bypassed the bank's executive search firm to get recruited. Now, about two years later, he is one of the front-runners to replace Citigroup chief executive Jane Fraser.

Raghavan's current employer has defended its head of banking. Citi told the financial newspaper: “It’s disappointing the FT is publishing such frivolous, tabloid coverage . . . built on anonymous smears. Vis is a proven leader with a well-earned track record for driving results.”

The bank said that “the process for how Vis joined Citi has been mischaracterised . . . It began in January 2024, lasted more than a month and included internal and external diligence as well as direct participation from Citi’s senior leadership and board of directors.”

“We’re thrilled to have him as a member of Citi’s executive management team and proud of the business he is building here,” Citigroup said.

With inputs from agencies