In early February 2024, Vis Raghavan walked away from JPMorgan after senior executives warned that his tenure was untenable. Within the same weekend he signed a $52 mn employment package to become head of investment banking at Citi, a move the bank announced on Monday. The rapid switch bypassed the external search firm JPMorgan had hired. The hire signals Citi’s push to regain advisory market share.

JPMorgan’s decision followed two internal reviews that documented Raghavan’s abrasive style, including remarks that staff were “a waste of calories.” While some colleagues credited him with driving the bank to the top of European league tables, the bank cut his pay a year earlier and raised concerns directly with CEO Jamie Dimon. The reviews also noted frequent clashes with senior partners, eroding internal cohesion.

At Citi, Raghavan has already lured bankers from rivals and helped the division post record revenue last year, positioning him as a leading candidate for the firm’s future CEO role. The episode underscores how quickly senior talent can reshape bulge‑bracket hierarchies when a bank’s leadership vacuum aligns with an executive’s ambition. Investors see the leadership shuffle as a catalyst for stronger deal flow.