An Indian-origin banker set to earn round Rs 500 crore at Citigroup is going through scrutiny after a report alleged he bullied colleagues throughout his time at JPMorgan Chase.Viswas “Vis” Raghavan joined Citigroup as head of banking in February 2024 and was handed a compensation package deal price $52 million simply days after leaving JPMorgan, in line with a Monetary Occasions report.The hiring has drawn consideration as a result of it adopted years of inside complaints about his behaviour at JPMorgan. Colleagues alleged that Raghavan steadily used harsh language and insults, at occasions calling employees “a waste of energy,” “ignorant” and “insufficient,” within the office.In a single occasion, he was accused of constructing inappropriate remarks to junior bankers on their first day. In keeping with the FT report, he shared a private anecdote a couple of lady he as soon as discovered engaging earlier than including that “now, she was fats.” The feedback led to complaints, although they have been later denied when the matter reached human assets.Some colleagues described him as a “bully,” saying his conduct stood out even within the high-pressure surroundings of funding banking. His administration model resulted in a number of inside evaluations at JPMorgan, and the financial institution is claimed to have minimize his pay at one level over behavioural considerations.Raghavan additionally allegedly described his management strategy in crude phrases, saying he would “seize them by the b***s,” a declare his spokesperson denied.Regardless of these considerations, Citigroup has defended its determination to rent him. In an announcement, the financial institution mentioned the recruitment course of was thorough and never rushed.“The method for the way Vis joined Citi has been mischaracterized by the FT,” the financial institution mentioned.It added: “It started in January 2024, lasted greater than a month and included inside and exterior diligence in addition to direct participation from Citi’s senior management and board of administrators.”Citigroup added that Raghavan “is a confirmed chief with a well-earned monitor document for driving outcomes.”“We’re thrilled to have him as a member of Citi’s government administration crew and pleased with the enterprise he’s constructing right here,” the financial institution mentioned.The report additionally claimed that senior executives at JPMorgan had grown involved about his behaviour, with some workers threatening to give up and others making complaints to prime management, together with CEO Jamie Dimon.Raghavan was advised he had no future at JPMorgan following a administration reshuffle. He then secured the Citigroup function inside a matter of days.Citigroup knowledgeable shareholders that the $52 million pay package deal was essential to “incentivize” him to go away JPMorgan, although it didn’t disclose that he had already been knowledgeable of his probably exit from the agency.Regardless of the row, Raghavan has constructed a robust repute as a dealmaker over a profession spanning greater than twenty years. Throughout his 23 years at JPMorgan, he rose by the ranks to grow to be one in every of its most senior funding bankers, enjoying a key function in increasing its European enterprise and main main offers.Since becoming a member of Citigroup, he has been credited with strengthening its funding banking division, attracting senior expertise and serving to ship document revenues. He’s now seen by some throughout the trade as a possible successor to Citigroup chief government Jane Fraser.
