Citi paid Vis Raghavan $25m to hire from JPMorgan. JPMorgan paid Doug Petno $23m to hire from Citi
Doug Petno is a funny guy. But maybe he will lose some zing when he apprehends that Vis Raghavan, with whom he previously worked at JPMorgan, is now earning more than him.
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Petno and Raghavan's pay for 2025 was disclosed in Citi and JPMorgan's recently released proxy statements. Petno was paid $23m. Raghavan was paid $25m.
Ironically, both men seem to have been paid in part for their success at pinching each other's staff.
Raghavan's Citi report card for 2025 notes that he "successfully recruited key talent" alongside many other achievements, such as "driving global resource delivery across nearly 100 markets," making "exemplary contributions" as a "change agent," and rendering himself, "instrumental in gaining market share in key areas like M&A and debt capital markets."
Petno's JPMorgan report card for 2025 notes that he too was busy hiring. As well as retaining existing staff, Petno is praised for his "development of top talent through key appointments," and his 'focused hiring efforts.' Petno additionally displayed prowess in areas like "driving AI product maturity and adoption," and foreseeing risks.
Anyone who still remembers 2025 will recall that it was a year in which Citi and JPMorgan exchanged many senior people. Vis Raghavan hired well over ten former colleagues from JPMorgan into key Citi roles and claimed to be "cheap" in the process. JPMorgan hired people like star sponsors banker Anthony Diamandakis and Suneel Hargunani from Citi as they moved the other way following Ragahavan's arrival.
Swapping talent clearly wasn't the only element in each man's pay package. But it seems to have helped. Petno and Raghavan may want to work more closely on this in 2026.
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