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Banking Unit Financial Performance
Growth comparison of Citi's banking unit in Q1
Primary Sources
Citi's Investment Banking Boss: 'We Can Get Whoever We Want' - Business ...
By Alice Tecotzky You're currently following this author! Want to unfollow? Unsubscribe via the link in your email. Viswas Raghavan, Citi's head of banking, said he plans to hire more managing directors. WEF 2026-05-07T16:02:17.570Z Citi's banking lead said the firm plans to increase the number of managing directors by 15%. His comments come amid Citi's push to lure top talent from at least 20 competitors. The bank's wealth unit is also planning strategic hiring, executives said at investor day. Citi's investment banking unit is, to quote the bank's investor day presentation, adopting a "serial winning mindset" as it continues its push to hire top talent. The firm's banking unit has hired 60 managing directors from 20 different institutions since the beginning of last year, Viswas Raghavan, Citi's head of banking and executive vice chair, said at investor day in lower Manhattan on Thursday. Around half of those hires have been in the US, he added."We are attracting the best, and we can get whoever we want," Raghavan said during a presentation on Thursday. "Going forward, quality of hires over quantity will be our focus."Raghavan, who joined the firm in 2024 after more than two decades at JPMorgan, said Citi operates with a leaner deal team than competitors, with fewer managing directors. Yet the bank is at a "pivot point" and hopes to increase its number of MDs by roughly 15% to extend its coverage reach and boost productivity. Citi will, Raghavan said, "measure and reward those who deliver," a message that echoes some of CEO Jane Fraser's January memo about leveling up and getting rid of "old, bad habits." In its first-quarter earnings release last month, Citi said operating expenses in its banking unit rose 20% to $1.2 billion, driven partly by higher compensation and head count. Revenues in the banking business grew 15% to $1.8 billion, driven primarily by higher investment banking fees.In addition to Raghavan himself, the bank has hired several senior dealmakers in recent years, including Pankaj Goel and Alex Watkins from JPMorgan, and David Friedland from Goldman Sachs.Head count across the firmBroadly, Citi expects head count to trend downwards this year, former CFO Mark Mason told reporters ahead of last quarter's earnings call. He tied the cuts to advancements in artificial intelligence, as the firm spent $2.3 billion on technology and communication in the year's first quarter, according to its earnings presentation. The firm has also been...
Who is Viswas Raghavan? Banker ousted by JPMorgan hired by Citi for $52 ...
Viswas Raghavan, a "star banker" who was reportedly told he lacked a future at JPMorgan, secured a role at Citigroup within just three days for $52 million, despite facing allegations of bullying and abuse. Although the events occurred in 2024, the controversy has resurfaced in the wake of recent sexual abuse allegations involving another JPMorgan executive, Lorna Hajdini.Viswas Raghavan used to work at JPMorgan prior to joining Citigroup. (Screengrab)According to a New York Post report, at the time he joined Citigroup, he had years of allegations against him for bullying JPMorgan staff.Also Read: JP Morgan exec allegedly sexually abused junior while he cried ‘don’t make me do this’Another report by the Financial Times claimed that he allegedly called his juniors “a waste of calories”. He also labelled the employees as “ignorant” and “inadequate.”Reportedly, in one incident, he made inappropriate remarks to a group of junior bankers. On their first day, he allegedly told a story about a woman. He allegedly said he once found her attractive but then added, “Now, she was fat.”According to the New York Post, JPMorgan declined to comment on the allegations against Viswas Raghavan, while Citigroup slammed the report.“The process for how Vis joined Citi has been mischaracterized by the FT,” Citigroup told The New York Post in a statement.Who is Viswas ‘Vis’ Raghavan?The Indian-born banker is the head of banking and executive vice chair at Citi. He oversees the firm’s corporate, commercial and investment banking activities, and partners with Citi’s international franchises.According to the company website, “In his role as Executive Vice Chair, Vis helps shape and drive Citi’s firm-wide strategy, including the development and execution of key strategic initiatives across the firm. He is a member of Citi's Executive Management Team and the Board of Citi Foundation.”At JPMorgan, he served as the co-head of global investment and corporate banking. He was also the CEO of JPMorgan in Europe, the Middle East and Africa.He was born and brought up in India. He has a Bachelor of Science degree in Physics from the University of Bombay. He also holds a Bachelor of Science honours degree in Electronic Engineering.Also Read: Man messages Lorna Hajdini amid JPMorgan sexual abuse row, claims to get a replyHe has a degree in Computer Science from Aston University in Birmingham, UK. Later, he also received an honorary doctorate from the institution.Additionally, he is a Chartered ...
Viswas Raghavan's High-Stakes Citi Move Reignites Debate On Wall Street ...
The high-profile hiring of investment banking executive Viswas Raghavan by Citigroup continues to draw renewed scrutiny, as fresh reporting highlights the circumstances surrounding his departure from JPMorgan Chase and the scale of his compensation package, reportedly worth around $52 million.Raghavan, a veteran dealmaker who rose to senior leadership at JPMorgan Chase, was moved out of the ...
Citi banking head Viswas Raghavan under scrutiny over JPMorgan bullying ...
Viswas Raghavan, the Indian American head of banking at Citigroup, is facing new scrutiny after an investigation by The Financial Times revealed he was let go from JPMorgan Chase & Co., following ...
