Exit from JPMorgan to $52 million deal with Citi in 48 hours for Vis Raghavan

In a striking turn of events on Wall Street, senior banker Vis Raghavan moved from an uncertain future at JPMorgan Chase to securing a top role at Citigroup all within just two days, along with a reported $52 million compensation package.

According to reports, the sequence unfolded rapidly in February 2024. On a Friday, Raghavan was informed by JPMorgan’s leadership that his tenure at the bank was nearing its end, with internal changes expected to be announced soon. 

By Sunday, he had already finalised a new position with Citigroup. The appointment was made public the following morning, almost alongside JPMorgan’s own leadership update.What could have been a setback quickly turned into a high-profile transition.

Citigroup had initially been working with an executive search firm to identify a new head of investment banking. However, Raghavan sidestepped that process, engaging directly with Citi’s top executives and board members over the weekend to secure the role. While the bank later stated that discussions had been underway for some time, the final agreement was reached during those decisive two days.

Raghavan’s departure from JPMorgan was not entirely unexpected. Reports indicate that concerns about his conduct had surfaced internally over the years and were reviewed multiple times. At one point, these issues even impacted his compensation.

Opinions within the bank were mixed; some colleagues credited him with strengthening JPMorgan’s position in European investment banking, while others pointed to challenges in his working style.

What began as a quiet leadership conversation behind closed doors ultimately led to one of the most dramatic and swift career moves in recent Wall Street memory.