Citigroup’s high-profile 2024 hiring of banker Vis Raghavan came as he was being pushed out of JPMorgan Chase following years of internal complaints about his conduct, according to people familiar with the matter.
Chief executive Jane Fraser had presented Raghavan’s appointment as head of banking as evidence of Citi’s ability to attract top talent, with the bank awarding him a $52mn pay package to lure him from a rival. However, sources say that just three days before Citi publicly announced the hire in February 2024, JPMorgan had informed Raghavan that he had no long-term future at the firm.
Raghavan, who spent more than two decades at JPMorgan, secured the role at Citi over a single weekend, bypassing the executive search firm engaged by the bank and limiting disclosure of his circumstances at his previous employer.
His tenure at JPMorgan had divided opinion. Supporters described him as a results-driven leader who helped propel the bank to the top of European investment banking league tables, ultimately becoming its most senior banker in the region and sole head of global investment banking. Critics, however, alleged a pattern of abrasive behaviour, including the use of offensive language and instances of berating colleagues.
The complaints led to internal reviews and, in at least one year, a reduction in his compensation. Concerns about his leadership style were escalated to JPMorgan chief executive Jamie Dimon on multiple occasions, according to people familiar with the discussions. After reviewing his record, they concluded his position was untenable.
Raghavan’s departure followed a leadership reshuffle in early 2024, who moved swiftly to secure his role at Citi before a new leadership team at JPMorgan was unveiled. Citi said the recruitment process had been “mischaracterised”, stating it began in January 2024 and involved extensive internal and external due diligence, as well as participation from senior leadership and the board.
Since joining Citi, Raghavan has overseen a resurgence in its investment banking division, which reported record revenues last year. The bank’s shares have climbed to their highest levels in more than a decade, and he has led a series of high-profile hires from rivals, including JPMorgan and Goldman Sachs.
Despite the performance gains, his leadership style continues to attract scrutiny, particularly as Citi faces separate allegations of workplace misconduct involving another senior hire. Raghavan is also viewed internally as a potential successor to Fraser, a prospect that has raised concerns among some former colleagues.
Vis Raghavan was born in September 1966 and raised in India. He studied physics at the University of Bombay before going on to earn a dual degree in electronic engineering and computer science from Aston University in Birmingham, UK.
He began his career in the late 1990s at Lehman Brothers, joining J.P. Morgan in 2000. There, he initially worked in the firm’s equity-linked and derivatives capital markets businesses across Europe and Asia.
Based in London, he went on to hold a series of senior roles, including head of international capital markets and global head of equity capital markets. He is also a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
