New York, April 29, 2026, 09:02 EDT
- JPMorgan told Vis Raghavan he was out after years of complaints, the Financial Times reported. Days later, Citi picked him up.
- Citi’s May 7 investor day is coming up, with Raghavan set to join Jane Fraser and several other top execs on stage. The report arrives just ahead of that event.
- Citi shares pointed 0.5% lower before the U.S. open, quoted at $128.53.
Citigroup’s $52 million hire of Vis Raghavan—the ex-JPMorgan Chase investment-banking chief now leading Citi’s banking division—has come under new scrutiny. According to the Financial Times, JPMorgan told Raghavan he was out following years of complaints about his conduct, and Citi scooped him up just three days after. The FT’s story draws on conversations with more than 15 sources familiar with Raghavan and the move.
Timing is key here. Citi’s investor day lands May 7, with Chief Executive Jane Fraser, finance boss Gonzalo Luchetti, and Raghavan all slated to present. The showcase was set to highlight progress on Fraser’s turnaround. But now, one of her top external recruits is back in the spotlight.
Raghavan holds the title of Citi’s head of banking and executive vice chair, overseeing investment, corporate, and commercial banking. The bank’s leadership page continues to show him in the post, and according to Fraser’s appointment note, he reports directly to her and has a hand in framing strategy across the firm.
Citi is sticking by its description of the pay package, calling it a “make-whole” award—essentially cash meant to compensate for earnings Raghavan gave up when he left his last job. According to an SEC filing, the bank structured the replacement awards to closely match the deferred pay Raghavan lost on his way out of JPMorgan. Most of the equity is set to be delivered between 2026 and 2031, but it isn’t guaranteed; the awards can still be forfeited or clawed back, for example if there’s misconduct.
This package didn’t go over quietly with investors. According to Banking Dive, Citi split $52.25 million in awards last year, putting $39.38 million into deferred equity and $12.87 million into deferred cash, after proxy adviser Glass Lewis took issue with how the bank disclosed the numbers. Later, Glass Lewis eased up—Citi had provided more detail.
When Citi brought Raghavan on board in 2024, Fraser pitched the hire as a win, calling him “a proven leader” and framing it as proof Citi can still lure heavyweights. Raghavan joined from JPMorgan, where he’d led global investment banking after more than 20 years at the firm. Citi
On paper, at least, the business is looking better. Citi posted $24.6 billion in first-quarter revenue—the strongest showing it’s had in ten years. Revenue at the bank’s main division climbed 15%, with investment-banking fees getting a lift from both M&A and equity underwriting. According to Dealogic figures cited by Reuters, Citi landed in the fifth spot worldwide for banking fees this quarter, trailing JPMorgan, Goldman Sachs, and other heavyweight Wall Street players.
Raghavan hasn’t stopped tweaking the unit. Just last week, Reuters reported that Citi set up a Financial and Strategic Investors group within its investment bank, bringing in Klaus Hessberger from Lazard to co-head the team. Hessberger, for his part, logged 25 years at JPMorgan before the move.
But this isn’t just about appearances. Citi is shelling out for top hires as it works to boost returns, rein in expenses and close the distance with JPMorgan, Goldman and Morgan Stanley. If the FT story leads staff, clients or shareholders to doubt the decision-making behind the hire, Fraser’s narrative—set for next week—could get muddied.
Back when Raghavan joined, Wells Fargo’s Mike Mayo pointed out Citi’s banking arm was ripe for an overhaul, flagging the appeal of both the bank’s international reach and Raghavan’s command over a significant division. That wager hasn’t changed—if anything, the stakes just got higher.
Citi slipped 0.5% to $128.53 before the bell. JPMorgan barely budged, and Goldman Sachs pointed to a softer start.
