Citigroup has hired Viswas Raghavan as head of banking in February 2024, despite serious bullying allegations from his previous role at JPMorgan Chase. His compensation package totals $52 million.
Raghavan’s tenure at JPMorgan was marred by accusations of bullying and inappropriate behavior. Colleagues described him as a “bully” with an explosive temper.
Specific allegations include using harsh language and insults towards staff. He reportedly stated his leadership style involved a crude metaphor, saying he would “grab them by the b***s.” These claims led to multiple internal reviews during his time there.
His behavior resulted in a pay cut due to behavioral concerns. Following a management reshuffle, he was informed he had no future at JPMorgan.
Citigroup defended its hiring process for Raghavan, asserting it was thorough and included participation from senior leadership. They expressed enthusiasm about having him on the executive management team.
Raghavan spent nearly 24 years at JPMorgan before moving to Citigroup. His hiring comes just days after he learned about his exit from JPMorgan.
There are speculations that Raghavan could be a potential successor to Citigroup CEO Jane Fraser. However, the full implications of his hiring amid these allegations remain uncertain.
The scrutiny surrounding Raghavan’s past raises questions about workplace culture in investment banking and how firms address such serious allegations.
