Viswas Raghavan, the Indian American head of banking at Citigroup, is facing new scrutiny after an investigation by The Financial Times revealed he was let go from JPMorgan Chase & Co., following years of accusations of bullying and inappropriate workplace conduct.
Raghavan was hired by Citigroup in February 2024 as its head of banking, just days after he was let go by JPMorgan. Citigroup CEO Jane Fraser offered him a pay package worth $52 million, which at the time was presented as an effort to recruit him away from JPMorgan.
However, according to the FT report, based on conversations with more than 15 people familiar with him and the circumstances of his recruitment, Raghavan berated staff as “a waste of calories,” “ignorant” and “inadequate,” and was prone to explosive outbursts in the office.
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A report by the New York Post describes an incident where Raghavan allegedly made inappropriate remarks to a group of junior bankers on their first day, telling a story about a woman he once found attractive before adding that she was now overweight. The comments drew complaints and were later denied when HR became involved.
Senior bankers had grown increasingly wary of Raghavan’s behavior and leadership style. Some have reportedly threatened to quit, while others lodged complaints that escalated to top executives, including CEO James Dimon. Raghavan had been the subject of two internal reviews during his time at JPMorgan.
Citigroup has defended its hiring process, saying that it lasted more than a month and involved senior leadership and board members. The bank said Raghavan was “a proven leader with a well-earned track record for driving results” and said it was “thrilled to have him as a member of Citi’s executive management team.”
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“The process for how Vis joined Citi has been mischaracterized by the FT,” the bank said. “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.”
Despite the accusations, Raghavan has been seen as a potential successor to CEO Fraser. His spokesperson has denied that he used coarse language to define his management style.
Citigroup informed shareholders that the $52 million pay package was necessary to “incentivize” him to leave JPMorgan, though it did not disclose that he had already been informed of his likely exit from the firm.