A top Citigroup executive is under investigation following multiple allegations of inappropriate workplace behavior.
Andy Sieg, head of the bank’s wealth division, faced an internal probe after at least six managing directors accused him of humiliating employees with profanity-laced tirades, according to Bloomberg.
Citigroup hired elite law firm Paul Weiss to probe Sieg’s behavior after the complaints surfaced.
Sieg, considered one of the bank’s most important executives, came to the bank two years ago to help boost the wealth management team’s profits.
He formerly led Merrill Lynch and had a high-ranking position at Bank of America. Citigroup’s CEO, Jane Fraser, went on a charm offensive to bring Sieg on board.
But while Sieg has delivered strong financial results since joining in 2023, the complaints raise questions about Fraser’s high-profile hire and his future at the bank.
An alleged outburst from the executive, including claims of table-thumping and insults in front of other bosses, brought one male manager to tears.
Witnesses also say he mocked and undermined one of Citi’s most prominent female leaders, Ida Liu, before her abrupt exit in January.
Andy Sieg, the leader of Citi’s wealth team, was brought into the bank two years ago
Liu had run Citi’s private bank for nearly two decades and once held the same role CEO Jane Fraser occupied on her climb to the top.
Sources told Bloomberg that Sieg ridiculed Liu in meetings, made disparaging remarks about her both publicly and privately, and even directed his team to cut her out of important meetings.
After her departure, the position was eliminated.
Kristen Bitterly, a top wealth executive, was reportedly another target of Sieg’s harsh treatment, while her predecessor, Naz Vahid, quit last year after nearly 40 years at the firm.
The bank’s human resources chief, Sara Wechter, ordered the outside review after several allegations piled up, according to Bloomberg.
Board chair John Dugan also received anonymous letters detailing troubling behavior tied to Sieg’s current role and earlier career, Bloomberg reported.
Paul Weiss’s investigation into the executive ended in July after interviews with dozens of bankers – when asked, the bank did not reveal the findings of the probe.
Sieg didn’t respond to the Daily Mail’s request for comment. But in a statement, the bank defended its wealth boss.
Jane Fraser, the bank’s CEO, brought Sieg on board – the company is defending the wealth boss during the controversy
Ida Liu once was one of the bank’s rising stars – she stepped down in January
Kristen Bitterly, a top executive on Citi’s wealth team, was reportedly another target
Citi Bank has been on a tear – the company’s stock is up 33 percent on the year, outpacing its competitors
‘Andy is a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry,’ a spokesperson told the Daily Mail.
‘He’s a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns.’
Sieg has raked in tons of cash for the bank. Citi’s wealth team posted record revenue of $2.17 billion during the second quarter this year.
This year, the company’s stock is up 33 percent, outpacing other major competitors.
Bank of America has added around 9 percent to its share price, while Wells Fargo is up north of 11 percent.
The spokesperson also said that women make up 40 percent of Sieg’s leadership team. They also claim he has continually attracted top-end talent to the division.
‘We look forward to Andy continuing to drive strong business performance,’ the spokesperson added.
