The bank has reportedly brought in a law firm to investigate HR complaints involving Andy Sieg, who heads the wealth management arm. He has commented on the matter.

The wealth head of Citigroup, Andy Sieg, has reportedly dismissed reports that he intimidated and unfairly sidelined employees, even suggesting that the firm has improved as certain employees have left and been replaced.

Sieg is quoted as telling Fox Business Network anchor Maria Bartiromo on August 27 that “the stories themselves are not accurate.” He said the sweeping changes he’s imposed inside Citi were part of a deliberate restructuring.

“What I’d say overall is change is hard, and we’ve been driving a lot of change across Citi and in our wealth business. That change is working, I’m happy to say,” Sieg is quoted as saying on the “Mornings with Maria” program. 

A central feature of claims is Sieg’s alleged treatment of Ida Liu, who ran Citi’s private bank for nearly two decades before her departure in January (see a report here). Liu previously held the same post that Jane Fraser occupied on her path to chief executive.

Bloomberg has reported that witnesses told investigators Sieg openly mocked Liu in meetings, undermined her authority and made disparaging remarks about her both in public and private. After Liu’s exit, Sieg scrapped her job entirely and instead installed four male executives as regional co-heads reporting directly to him, according to Bloomberg.

Sieg’s wrath has been turned on other senior figures, the report said. 

When asked about the newswire report a week ago, Citigroup declined to comment on specific allegations. However, in an emailed statement to Family Wealth Report, it has praised Sieg’s leadership in general: “Andy is a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry.

“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 per cent of accomplished women on Wealth’s senior leadership team. We look forward to Andy continuing to drive strong business performance.”

Citigroup has appointed law firm Paul Weiss to investigate the complaints. 

Sieg runs the global division and sits on the bank’s 18-person executive management team.