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Citigroup’s newly hired chief banking officer will receive more than $40 million in stock from his new employer.
The grant, huge even by Wall Street standards, was awarded earlier this week to Viswas Raghavan and disclosed by the bank in a filing Thursday.
Raghavan, who joined Citizen In June, he was head of investment banking at rival JPMorgan Chase before making the jump. He joined Citi to be head of the bank’s newly merged investment, corporate and commercial banking, one of five divisions formed in a restructuring, the largest in more than a decade, revealed late last year.
Citi CEO Jane Fraser He also made Raghavan vice president of the bank when he was hired.
Earlier this week, Tyler Dickson, who had been Citi’s head of investment banking and reported directly to Raghavan, announced he was leaving the bank to take a newly created position at private equity firm Blackstone. No replacement was named.
According to Thursday’s filing, the stock grant was part of Raghavan’s employment agreement and was made in lieu of shares he gave up when he left JPMorgan. The shares will vest over seven years, with the first block, worth about $11 million, becoming available in early 2026.
Raghavan is one of three hires Fraser has made in the past year to bolster the underperforming bank’s management ranks.
Andy Sieg, who joined last year from Bank of America, received $11 million in cash and stock over the final three months of 2023, Citi previously disclosed. It said part of that pay package was to compensate Sieg for stock he was still owed when he left BofA.
Citi has not yet disclosed Raghavan’s full compensation package or how much it is paying Tim Ryan, who joined in June from PwC, as chief technology officer. Ryan is also in charge of continuing to close numerous businesses that Citi is trying to exit.
According to The New York Post, in May, Raghavan and his wife purchased a four-bedroom, four-bathroom penthouse in Manhattan’s Chelsea neighborhood for $15 million. Rapper Bad Bunny had previously rented the luxury apartment for $150,000 a month.