Morning Coffee: The most mysterious 34-year-old ex-VP at JPMorgan. How to achieve higher pay at Citi
This time last year, Chirayu Rana was a vice president in JPMorgan's leveraged finance team, where, he says, he was busy originating and underwriting investments across the 'software, healthcare, financial technology, business services, and consumer services sectors.' Rana was 34 year- old and he seemed the sort of illustrious person whose career might flourish. Five months later, he was out. And now he appears to be out of his next job too.
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Rana has not commented for this article, so we cannot say where he has gone. His lawyer did not respond to emails. However, Rana's post-JPMorgan employer - private equity firm Bregal Sagemount - told us that Rana left on April 2nd. He worked there for less than six months.
Jumping from job to job in financial services is nothing unusual, but Rana seems to have done it often, working for at least five firms in 12 years, including JPMorgan, Credit Suisse, Morgan Stanley and Carlyle. His FINRA registration suggests that staying two years at one place is unusual for him.
So, where will Rana take his lengthy resume next? This remains to be seen. His is the name widely associated with the lurid sexual harassment claims against JPMorgan executive director Lorna Hadjini, which the New York Post says were updated last night. Hadjini, who has worked at JPMorgan for 14 years, denies the claims and JPMorgan says they're fabricated. Rana - whose name does not appear on the claim which has been filed under the name John Doe, has not confirmed that the claim relates to him.
For the moment, Rana is the most notorious and mysterious ex-VP at JPMorgan. Apparent AI photos of him abound but the real Rana is nowhere to be seen. The New York Post reports that John Doe is claiming PTSD from the alleged harassment that he says occurred to him at JPMorgan. He presumably needs his claim against the bank to compensate for his lack of work.
If he gets a new financial services job, the New York Post also suggests that Rana really likes to work from home, possibly near his aged parents. Aged 35, this might be the best place for him to hang out for a while now.
Separately, if you would like a large bonus at Citi, it seems that operating at the intersection of Vis Raghavan and Andy Sieg might be one method of achieving it.
The Financial Times reports that Citi is introducing new "partnership awards" for people who refer clients from Raghavan's investment bank to Sieg's wealth management business and vice versa.
Other banks have long been up to similar. Citi's espousal of the cross-selling model comes after a recent article in Barrons where CEO Jane Fraser said that Citi has also been busy cross-selling from its "services" division which manages payments and transaction banking for corporate clients and which generated 50% of its profits last year. Johnson & Johnson, a longstanding services client, is a bellwether for the approach, and has reportedly begun using Citi's investment bank for a bit of M&A too.
As well as cross-selling, employees in Citi's investment bank can seemingly benefit from robustness and mutual enthusiasm. "I am very direct [and] speak what's on my mind." Raghavan informed Barrons. When you work for him, "there is honesty and an openness and willingness on everyone's part to feed off each other and take this cause to greater heights," he proclaimed.
Meanwhile...
JPMorgan’s internal probe into Hadjdini is understood to have reviewed emails, records, and devices. It found no evidence of wrongdoing. (New York Post)
Goldman Sachs, Blackstone and Hellman & Friedman have partnered with Anthropic. So have General Atlantic, Leonard Green, Apollo Global Management, GIC, and Sequoia Capital. They want to accelerate the US of AI in managing portfolio companies. (Businesswire)
JPMorgan hired Will Boyle from Morgan Stanley to lead its team that advises private equity firms on structuring private deals. (Bloomberg)
Citi hired Raj Rathi as head of M&A in India. (Bloomberg)
Dan Simkowitz, head of Morgan Stanley's investment bank, says the dealmaking backdrop is "still pretty solid." (Bloomberg)
London-based Desiree Fixler worked for Deutsche Bank where she was the sustainability chief for DWS. She blew the whistle on what she says were the bank's claims that ESG considerations were embedded in its investment decisions. She worked with the SEC on the case for two years and has received no compensation. (WSJ)
European banks like UBS, Deutsche Bank, BNP Paribas, Société Générale and Barclays reported growth of only 6% in equities and fixed income, currencies and commodities business in the past quarter. US banks were three times higher. (Financial Times)
Ken Griffin once said that he rejected a candidate who said he would stop working once he earned $10m. (Twitter/X)
Elon Musk is paying a $1.5m fine to settle SEC allegations that he cheated Twitter shareholders in 2022. The SEC says it's the largest penalty it's levied against an individual. Musk's attorney says it was "small." (Bloomberg)
McKinsey & Co. is using AI agents to choose which consultants to work with each client. (Bloomberg)
You won't get weight loss drugs like Ozempic and Mounjaro on health insurance at PWC any more. (The Times)
If you sit by a window you could get an 8.9 percent of a standard deviation increase in exam scores. (ScienceDirect)
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