Overview
- Financial Times reporting, echoed by multiple outlets in late April and early May 2026, recounts that in February 2024 Raghavan was told on a Friday he had no long-term future at JPMorgan and by Monday he accepted Citi’s top banking role.
- At JPMorgan, colleagues lodged years of complaints that he bullied staff and used crude put-downs, prompting two formal conduct reviews and a pay cut tied to behavior, according to the reports.
- Citigroup says it began vetting him in January 2024 with internal and external checks and board involvement, and it rejects claims the hiring was a rushed, two-day decision.
- Citi awarded roughly $52 million to recruit him and told investors the package would incentivize him to join, though reports say the bank did not note he had already been told he would be moved aside at JPMorgan.
- Since joining Citi, he has hired senior bankers and helped drive record revenue in the banking unit, which has raised his profile inside the firm and led some to view him as a possible successor to CEO Jane Fraser.