Citi’s $52M banker Vis Raghavan accused of bullying, sex remarks at JPMorgan: ‘Waste of calories’

Once whispered about in close banking circles, the bullying allegations against Viswas Raghavan are now out in the open following a shocking exposé the Financial Times. Despite being JPMorgan’s most senior banker in Europe, Raghavan’s problematic behaviour forced the bank to let go of him two years ago.Viswas Raghavan’s bullying behaviour at JPMorgan is now in the limelightFrom JPMorgan to CitiRaghavan spent the better part of his career— almost 24 years — at JPMorgan Chase, where he cut a polarising figure for his problematic behaviour. In 2024, he was hired Citi with a $52 million pay package. Getting hired Citi was something of a coup for Vis Raghavan, who had just been told that he had no future at JPMorgan.Today, after spending two years at Citi, the India-born banker is one of the top contenders to replace Citi CEO Jane Fraser down the line. This has alarmed his colleagues, both current and former, according to the FT report.Bullying behaviour at JPMorganIn the more than two decades that he spent at JPMorgan, Raghavan climbed the corporate ladder while helping to “take the bank to the top of the European league tables.”However, while some saw him as a tough taskmaster who ultimately got results, others recalled the Indian-American investment banker as someone with a shocking temper and a propensity for using foul language.Multiple witnesses told FT that Raghavan publicly berated and intimidated employees. He used offensive language and was the subject of two internal reviews.In fact, JPMorgan even cut his pay one year because of problems with his behaviour.People familiar with Raghavan said he was liable to “explode” in the office. Some of the terms that he used for JPMorgan employees included “ignorant”, “inadequate” and “a waste of calories”.Sex story about “fat” womanIn another troubling incident from about a decade ago, JPMorgan’s HR team was alerted after Raghavan allegedly made inappropriate remarks in front of dozens of junior employees on their very first day at the bank’s Canary Wharf office.According to people familiar with the matter, Raghavan recounted a story about a woman he had once found attractive as a student, before allegedly remarking that she was now “fat” while he himself had become a senior JPMorgan executive.The comments reportedly triggered complaints from several employees present at the session. When approached HR, however, Raghavan denied making the remarks, the FT report said.Exit from JPMorganVis Raghavan’s exit from JPMorgan began in early 2024 after CEO Jamie Dimon reshuffled the bank’s leadership team. Jennifer Piepszak and Troy Rohrbaugh were appointed to lead JPMorgan’s investment banking and trading division, replacing Daniel Pinto — seen colleagues as one of Raghavan’s strongest backers at the bank.Under the new structure, Raghavan became the sole head of investment banking. But within days, Piepszak and Rohrbaugh reportedly began reviewing concerns about his behaviour and leadership style.While Raghavan was credited with helping JPMorgan become Europe’s top investment bank, several senior bankers were said to be unhappy with his promotion. According to the FT, some even threatened to quit, while three employees had previously left after difficult experiences working with him.After reviewing the situation, Piepszak and Rohrbaugh concluded that Raghavan’s position at the bank was no longer sustainable. He was informed that he had no long-term future at JPMorgan.However, before the bank could announce a new leadership structure, Raghavan moved quickly and secured a role at Citigroup. Citi publicly announced his hiring the very next morning.