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Citigroup has stood by wealth management boss Andy Sieg after hiring law firm Paul Weiss to investigate complaints into his behaviour since he arrived as a high-profile recruit of chief executive Jane Fraser.
The investigation, which has concluded, centred around accusations of bullying, intimidation and unfairly sidelining employees, said two people familiar with the details.
Sieg joined Citi almost two years ago from Bank of America, where he was president of the Merrill Wealth Management division. Fraser brought him on as part of a wider restructuring meant to boost the bank’s profits, including expanding in wealth management. He holds the title head of wealth and is a member of Citi’s executive management team.
Citi on Wednesday said: “It is standard practice for us to engage an outside law firm to investigate allegations made against a senior member of the management team to ensure independence and prevent even the appearance of a possible conflict of interest.”
The bank declined to address any outcome of the investigation, which was first reported by Bloomberg. Sieg did not immediately reply to messages seeking comment.
Citi praised Sieg’s accomplishments since his arrival.
“Andy is a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry,” it said. “When he joined Citi in 2023, it was with a clear mandate for change and wealth has been transformed under his leadership.”
Earlier this year, Citi’s wealth business lost one of its most high-profile female executives, global head of private banking Ida Liu. At the time, Sieg said Liu’s departure will allow the wealth division to restructure management by eliminating her role and creating four regional managers who will oversee both private banking and asset management.
Citi on Wednesday described Sieg as “a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns” and said he “continues to attract, retain and promote industry-leading talent, including the more than 40 per cent of accomplished women on wealth’s senior leadership team.”
Sieg is seen as a potential successor to Fraser as chief executive, along with other high-profile hires she has made including Vis Raghavan, a former JPMorgan Chase banker who serves as head of investment banking.
Citi’s profits jumped almost 25 per cent to $4bn in the second quarter as the bank posted revenue growth across its main divisions, including wealth management.
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