Citigroup’s New Banking Chief Bags $41 Million in Stock Bonanza!
Citigroup’s newly appointed head of banking, Viswas Raghavan, has been awarded shares valued at approximately $41 million. This significant compensation package was disclosed in a recent filing, revealing that Raghavan received around 623,838 shares. As of the latest stock closing, each share was priced at $65.71.
Raghavan, aged 57, reports directly to Citigroup’s Chief Executive Officer, Jane Fraser. This strategic hire was part of Fraser’s broader initiative to revamp the bank. The share award was designed to replace the compensation Raghavan forfeited when he transitioned from his previous position at JPMorgan Chase & Co. The awarded shares will vest over six installments from January 2026 to 2031, ensuring Raghavan’s long-term commitment to Citigroup. Importantly, none of these shares are eligible for immediate sale.
The Financial Times initially reported on this stock award. The generous compensation package underscores Citigroup’s aggressive approach to attract top talent in the banking industry. Raghavan’s move to Citigroup is seen as a critical component of Fraser’s strategy to enhance the bank’s competitive position and performance.
Under Fraser’s leadership, Citigroup has experienced a notable rally in its stock price, mirroring the gains of other major financial institutions like Bank of America Corp., Wells Fargo & Co., and JPMorgan. Over the past year, Citigroup’s shares have surged by 39%, reflecting investor confidence in the bank’s strategic direction and leadership changes.
Raghavan’s expertise and experience are expected to significantly contribute to Citigroup’s banking operations. His previous role at JPMorgan, where he held a prominent position, highlighted his capabilities in managing large-scale financial operations. His transition to Citigroup is anticipated to bring fresh perspectives and drive further growth within the bank.
Jane Fraser’s decision to bring Raghavan on board aligns with her broader vision of transforming Citigroup into a more agile and competitive entity in the global banking sector. By securing high-caliber executives like Raghavan, Fraser aims to fortify Citigroup’s market position and deliver enhanced value to shareholders.
In summary, Viswas Raghavan’s appointment as Citigroup’s head of banking, along with his substantial stock award, marks a significant step in the bank’s ongoing transformation. The compensation package not only acknowledges Raghavan’s past achievements but also aligns his interests with the long-term success of Citigroup, ensuring a dedicated effort towards achieving the bank’s strategic objectives.
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