NewsIndia

Viswas Raghavan’s $52 million hiring by Citigroup comes amid serious allegations of bullying and inappropriate behavior from his previous role at JPMorgan. He joined Citigroup as head of banking in February 2024, shortly after being informed of his exit from JPMorgan. Raghavan’s leadership style has drawn scrutiny, with colleagues describing him as a “bully”.

Key facts:

• Raghavan received a compensation package worth $52 million from Citigroup.
• He spent nearly 24 years at JPMorgan Chase before moving to Citigroup.
• Colleagues at JPMorgan accused him of using harsh language and insults.
• His behavior led to multiple internal reviews at JPMorgan.
• Raghavan was told he had no future at JPMorgan following a management reshuffle.

Citigroup defended its hiring process for Raghavan, stating it was thorough and involved senior leadership. The firm emphasized that the process has been mischaracterized. Still, concerns linger about the appropriateness of hiring someone with such a controversial background.

Raghavan’s aggressive leadership style includes crude expressions about managing staff. He allegedly described his approach as one where he would “grab them by the b***s.” This comment reflects the troubling nature of his interactions with colleagues, which contributed to complaints against him.

The internal reviews at JPMorgan were significant enough that they resulted in a pay cut for Raghavan due to behavioral concerns. His past actions have raised questions about how they might affect his role at Citigroup, especially as he is viewed as a potential successor to CEO Jane Fraser.

As Raghavan begins his tenure at Citigroup, the focus will be on how he navigates these challenges. The company faces scrutiny over its decision to hire him despite the bullying allegations that marred his career at JPMorgan Chase.