Citi’s Andy Sieg Investigated By Outside Law Firm
Andy Sieg, the head of Citigroup’s wealth management business, was under investigation in the wake of complaints from current and former employees about his behavior at the bank, according to a report from Bloomberg.
Citigroup hired law firm Paul Weiss to lead the investigation, which is now complete, according to sources cited by Bloomberg. Those sources told the publication that the complaints stem from accusations of intimidation and “unfairly sidelining” employees over the last two years since Sieg joined.
A Citi spokesman declined to confirm anything in the Bloomberg article. Sieg is still registered with the firm and listed on Citi’s leadership website.
“Andy is a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry,” the company said, in a statement. “When he joined Citi in 2023, it was with a clear mandate for change and Wealth has been transformed under his leadership. Andy is a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns. He also continues to attract, retain and promote industry-leading talent, including the more than 40% of accomplished women on Wealth’s Senior Leadership Team. We look forward to Andy continuing to drive strong business performance.”
Bloomberg reported that complaints came from at least six managing directors at Citigroup, including men and women. Some of the accusations stem from Sieg’s interactions with Ida Liu, the former head of Citigroup’s private bank who left in January, and Kristen Bitterly, a senior wealth executive.
Sieg’s behavior under investigation included “expletive-filled rants, sarcastically disparaging an executive to a group of colleagues after the person had left the room, and calling an individual’s work ‘pathetic’ with the person and colleagues present,” Bloomberg reported.
The accusations also include making a male managing director cry after scolding him and slamming a table in front of colleagues.
Sieg stepped down from Merrill Lynch Wealth Management in 2023 after six years leading the Thundering Herd. Citi CEO Jane Fraser poached him with much fanfare to lead a turnaround of the bank’s wealth management business.
Since joining, he has made several high-profile hires, including former J.P. Morgan Executive Eric Lordi to lead its digital division earlier this year, and Kate Moore, who joined as Citi Wealth’s chief investment officer from BlackRock.
Last year, Citigold also launched a new loan and bonus program for $1 million financial advisor talent; executives are confident that advisors in its 641 bank branches can benefit from referrals from relationship managers serving affluent bank-only clients needing more help.