Viswas “Vis” Raghavan, a prominent India-born banking executive, is facing renewed attention after a report accused him of bullying colleagues during his time at JPMorgan Chase. It further suggests he was swiftly hired by Citigroup, just three days after being effectively dismissed by JPMorgan Chase.
The revelations arrive amid broader challenges for JPMorgan Chase, which is already dealing with a lawsuit on claims of sexual harassment and racial bias filed by a junior male staff member against a senior female executive.
The Financial Times (FT) has reported that Viswas Raghavan took up the role of head of banking at Citigroup in February 2024, mere days after being informed by JPMorgan Chase that he was fired. Raghavan reportedly had a “polarising” reputation at JP Morgan.
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FT's report is based on “conversations with more than 15 people with knowledge of him and the circumstances of his recruitment.”
According to the report, Raghavan's appointment at Citigroup came after a prolonged period during which he faced complaints from JPMorgan staff, who alleged he frequently used disparaging language, reportedly calling colleagues “a waste of calories”, “ignorant”, and “inadequate”, and was known for volatile outbursts in the workplace.
“Raghavan pulled off a coup — though Citi characterises its hiring process differently — managing to seal a deal with the bank over the space of a weekend. He bypassed the executive search firm it had hired and minimised the chances that news of his changed circumstances at JPMorgan would be made public,” the report reads.
Colleagues cited an incident in which Raghavan allegedly addressed new junior bankers with an off-colour anecdote, remarking that a woman he had once been attracted to was “now… fat”. The remarks prompted complaints and were subsequently disputed by him during an HR review, the report claims.
The report states that some co-workers viewed him as a “bully”, saying his actions went beyond what is typically tolerated on Wall Street, pointing to recurring episodes of intimidation and inappropriate remarks.
It further notes that JPMorgan Chase carried out several internal probes into his conduct, even cutting his pay at one point due to behavioural issues. Allegations that he used coarse language to define his management style have been denied by his spokesperson.
Citi responded to FT by saying, “the process for how Vis joined Citi has been mischaracterised . . . It began in January 2024, lasted more than a month and included internal and external diligence as well as direct participation from Citi's senior leadership and board of directors.”
Citigroup's investment bank has gathered pace under Raghavan's leadership, with its banking unit delivering record earnings over the past year. The lender's stock has surged to a 17-year high, while he has also overseen the recruitment of several high-profile bankers from competitors such as JPMorgan and Goldman Sachs.
Despite the controversy surrounding him, Raghavan is tipped to succeed Citigroup CEO Jane Fraser in the future, as per the report.
“We're thrilled to have him as a member of Citi's executive management team and proud of the business he is building here,” Citi said.
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