The prominent British-Indian investment banker made headlines after executing a rapid and strategic transition from JPMorgan Chase to Citigroup in early February 2024. The move, finalised within a single weekend, has become one of the most closely watched leadership shifts on Wall Street.
Who is Vis Raghavan?
Vis Raghavan is a British-Indian investment banker with extensive experience across leading global financial institutions. Prior to this move, he held key leadership roles at JPMorgan, particularly overseeing operations in Europe, the Middle East, and Africa (EMEA) markets.
Earlier in his career, he worked with Morgan Stanley, where he gained extensive experience in capital markets and advisory services. Known for his strong dealmaking skills, he has led large-scale, cross-border investment banking teams and handled complex global transactions.
In 2024, he joined Citigroup as the Global Head of Investment Banking, one of the most senior roles in the industry. Over the years, he has been closely involved in major strategic deals and has contributed significantly to expanding banking operations and business franchises across international markets.
Over a 23-year career, he rose to become one of the JPMorgan’s most senior bankers in Europe, eventually leading its global investment banking division. He was credited with delivering strong results and earning loyalty from close colleagues. At the same time, others accused him of aggressive behaviour, including instances of harsh criticism and intimidation of employees.
Weekend deal
Raghavan’s departure from JPMorgan came amid an internal leadership reshuffle, during which he was informed that his long-term role at the firm would be coming to an end. However, instead of a prolonged period of uncertainty, he quickly entered discussions with Citigroup for a senior leadership position.
Discussions progressed rapidly over the weekend, and by Sunday, both parties had finalised the agreement.
By Monday, his appointment as Global Head of Investment Banking was publicly announced, reportedly accompanied by a compensation package of around $52 million, Financial Times reported.
Interestingly, Citigroup had already initiated a formal executive search process to fill the role, intending to evaluate multiple candidates over several weeks. However, Raghavan’s direct engagement with senior leadership accelerated the process dramatically, effectively bypassing the traditional hiring pipeline.
The speed of the deal has drawn attention across the financial world. What would typically take weeks or even months was completed in just a few days.
In a conversation with FT, Citi stated that “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.”