Citigroup’s recently hired head of banking is receiving more than $40mn worth of shares from his new employer. The grant, enormous even by Wall Street standards, was made earlier this week to Viswas Raghavan and disclosed by the bank in a filing on Thursday. Raghavan, who joined Citi in June, was the head of investment banking at rival JPMorgan Chase before making the jump.
According to Thursday’s filing, the share grant was part of Raghavan’s hiring arrangement and in lieu of shares that he walked away from when he left JPMorgan. The shares will vest over seven years, with the first block, about $11mn, available as soon as early 2026. Raghavan is one of a trio of hires Fraser has made in the past year to beef up the underperforming bank’s management ranks.