An Indian-origin banker who earned nearly Rs 500 crore at Citigroup is facing scrutiny after a report alleged he bullied colleagues during his tenure at JPMorgan Chase.Vishwas “Vis” Raghavan joined Citigroup as head of banking in February 2024 and was handed a $52 million compensation package just days after leaving JPMorgan, the Financial Times reported.The appointment has drawn attention because it followed years of internal complaints about his behavior at JPMorgan. Co-workers alleged that Raghavan often used harsh language and insults at the workplace, calling employees “a waste of calories,” “ignorant” and “inadequate.”In one case, he was accused of making inappropriate comments to junior bankers on his first day. As the FT reports, he shared a personal anecdote about a woman he once found attractive, who then said “now, she’s fat.” The comments led to complaints, although these were later refuted when the matter reached human resources.Some colleagues described him as a “bully” and said that his conduct was excellent even in the high-pressure environment of investment banking. His management style resulted in multiple internal reviews at JPMorgan, and the bank is said to have cut his salary at one point due to behavioral concerns.Raghavan reportedly described his leadership’s approach in bleak terms, saying he would “get them by the scoundrels”, a claim denied by his spokesperson.Despite these concerns, Citigroup has defended its decision to hire him. In a statement, the bank said the recruitment process was thorough and was not rushed.“The process of how Viz joined City has been misrepresented by the FT,” the bank said.It added: “It began in January 2024, lasted over a month, and included internal and external due diligence as well as the direct involvement of Citi’s senior leadership and board of directors.”Citigroup said Raghavan is “a proven leader with a good track record for driving results.”“We are thrilled to have him as a member of Citi’s executive management team and are proud of the business he is building here,” the bank said.The report also claims that senior JPMorgan executives became concerned about his behavior, with some employees threatening to quit and others complaining to top leadership, including CEO Jamie Dimon.After a management reshuffle, Raghavan was told that he had no future at JPMorgan. After this he achieved the role of Citigroup within a few days.Citigroup informed shareholders that a $52 million pay package was necessary to “incentivize” him to leave JPMorgan, although it did not disclose that he had already been informed of the possibility of an exit from the firm.Despite the controversy, Raghavan has built a strong reputation as a dealmaker in a career spanning more than two decades. During his 23 years at JPMorgan, he became one of its most 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 its investment banking division, attracting senior talent and helping to deliver record revenues. Some in the industry now see him as a potential successor to Citigroup Chief Executive Jane Fraser.
