An Indian-origin banker set to earn around Rs 500 crore at Citigroup is facing scrutiny after a report alleged that he bullied colleagues during his time at JPMorgan Chase.Viswas “Face” Raghavan joined Citigroup as head of banking in February 2024 and received a $52 million compensation package just days after leaving JPMorgan, according to a Financial Times report.The appointment drew attention because it came after years of internal complaints about his behavior at JP Morgan. His colleagues alleged that Raghavan frequently used harsh language and insults, and sometimes described employees as a “waste of calories”, “ignorant” and “incompetent” in the workplace.In one case, he was accused of making inappropriate remarks to junior bankers on their first day. According to a Financial Times report, he shared a personal anecdote about a woman he once found attractive before adding: “Now, she’s fat.”
The comments led to complaints, but they were later dismissed when it came to human resources.Some of his colleagues described him as a “bully,” saying his behavior stood out even in the high-pressure environment of investment banking. His management style led to several internal audits at JP Morgan, and the bank reportedly cut his salary at one point due to behavioral concerns.Raghavan also allegedly described his leadership approach in crude terms, saying he would “catch them from the miscreants”, a claim denied by his spokesman.
Despite these concerns, Citigroup defended its decision to appoint him. The bank said in a statement that the recruitment process was comprehensive and was not hasty.“The Financial Times mischaracterized the process of Vis joining Citi,” the bank said.She added: “It began in January 2024, lasted more than a month and included internal and external diligence in addition to direct participation from Citi’s senior leadership and the Board of Directors.”Citigroup added that Raghavan is “a proven leader with a proven track record of delivering results.”“We are delighted to have him as a member of Citi’s executive management team and proud of the work he is building here,” the bank said.The report also claimed that senior executives at JPMorgan had become concerned about his behaviour, with some employees threatening to quit and others making complaints to senior leadership, including CEO Jamie Dimon.Raghavan was told he had no future at JPMorgan after the management reshuffle. He then landed the Citigroup role within days.Citigroup told shareholders that the $52 million salary package was needed to “incentivize” him to leave JPMorgan, although it did not disclose that he had already been informed of his potential exit from the company.Despite the controversy, Raghavan has built a strong reputation as a dealmaker over the course of a career spanning more than two decades.
During his 23 years at JP Morgan, he rose through the ranks to become one of its senior investment bankers, playing a key role in expanding its European business and leading major deals.Since joining Citigroup, he has been credited with strengthening the investment banking division, attracting top talent and helping achieve record revenues. He is now seen by some in the industry as a potential successor to Citigroup CEO Jane Fraser.