Indian-born banker Viswas Raghavan will receive $52 million from Citigroup after leaving JPMorgan amid “bullying” accusations & more related news here

An Indian-origin banker set to earn around Rs 500 crore at Citigroup is facing scrutiny after a report alleged he bullied colleagues during his time at JPMorgan Chase.Viswas “Vis” Raghavan joined Citigroup as chief banking officer in February 2024 and received a compensation package worth $52 million just days after leaving JPMorgan, according to a Financial Times report.The hiring drew attention because it came after years of internal complaints about his behavior at JPMorgan. Colleagues alleged that Raghavan frequently used harsh language and insults, and sometimes called staff “calorie-wasters,” “ignorant” and “inadequate” in the workplace.In one case, he was accused of making inappropriate comments to young bankers on his first day. According to the Financial Times report, he shared a personal anecdote about a woman he once found attractive before adding that she was “fat now.” The comments led to complaints, although they were later denied when the matter reached human resources.Some colleagues described him as a “bully” and said his behavior stood out even in the high-pressure environment of investment banking. His management style led to multiple internal reviews at JPMorgan, and the bank is said to have reduced his salary at one point due to behavioral concerns.Raghavan also allegedly described his leadership approach in crude terms, saying he would “grab them by the bitches,” a claim his spokesperson denied.Despite these concerns, Citigroup has defended its decision to hire him. In a statement, the bank said the hiring process was thorough and not rushed.“The process by which Vis joined Citi has been mischaracterized by the Financial Times,” the bank said.He added: “It began in January 2024, lasted more than a month and included internal and external diligence, as well as direct involvement of Citi’s senior management and board of directors.”Citigroup added that Raghavan “is a proven leader with a well-earned track record of delivering results.”“We are delighted to have him as a member of Citi’s executive management team and proud of the business he is building here,” the bank said.The report also claimed that senior executives at JPMorgan had become increasingly concerned about his behavior, with some employees threatening to resign and others making complaints to senior managers, including CEO Jamie Dimon.Raghavan was told he had no future at JPMorgan following a management reshuffle. He then landed the job at Citigroup within days.Citigroup informed shareholders that the $52 million pay package was necessary to “incentivize” him to leave JPMorgan, although it did not disclose that it had already been informed of his likely departure from the company.Despite the dispute, Raghavan has earned a strong reputation as a negotiator over a career spanning more than two decades. During his 23 years at JPMorgan, he rose through the ranks to become one of its most senior investment bankers, playing a key role in the expansion of its European business and leading major deals.Since joining Citigroup, he has been credited with strengthening its investment banking division, attracting senior talent and helping it generate record revenue. Now some within the industry see him as a potential successor to Citigroup CEO Jane Fraser.