Viswas "Vis" Raghavan, the head of banking at Citigroup, is facing fresh scrutiny after a Financial Times investigation alleged that he was let go by JPMorgan Chase due to years of complaints about bullying and inappropriate behaviour in the workplace.
Raghavan was hired by Citigroup in February 2024 as its head of banking, just days after JPMorgan Chase told him he had no long-term future at the firm. Citigroup CEO Jane Fraser offered him a pay package worth $52 million (approximately ₹490 crore), which at the time was presented as an effort to recruit him away from JPMorgan.
However, the FT report, based on conversations with more than 15 people familiar with him and the circumstances of his recruitment, paints a different picture. Colleagues alleged he berated staff as "a waste of calories," "ignorant" and "inadequate," and was prone to explosive outbursts in the office.
According to The New York Post report, in one incident recounted by colleagues, 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 alarmed over his management style, with some threatening to quit and others lodging complaints that escalated to top executives, including CEO Jamie Dimon. Over the course of his tenure at JPMorgan, he had been the subject of two internal reviews due to his leadership style.
Citigroup has defended its hiring process, stating that it lasted more than a month and involved senior leadership and board members. The bank described Raghavan as "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."
Despite the allegations, Raghavan is now viewed as a potential successor to Jane Fraser at Citigroup, a prospect that has alarmed some former colleagues. His spokesperson has denied that he used coarse language to define his management style.
