Legal
Citigroup Investigated HR Complaints Against Wealth Division Chief – Report
The complaints reportedly came from current and former members of staff, the report, which did not quote sources by name, said.
Citigroup has
appointed law firm Paul Weiss to investigate complaints about the
conduct of Andy Sieg, the US bank's wealth-management chief,
Bloomberg reported yesterday, citing “people with direct
knowledge of the matter.” The newswire did not identify its
sources by name.
Citigroup declined to comment
to WealthBriefing about the specifics of the
story about Sieg. However, in an emailed statement, it
said: “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.”
Sieg has drawn complaints from existing and former staff accusing
him of intimidating and unfairly sidelining employees since he
arrived almost two years ago, including allegations of
expletive-filled rants and sarcastic comments, the
Bloomberg report said.
Paul Weiss has completed its investigation. More than a dozen
people have been interviewed, including some as recently as July.
The report said Citigroup declined to comment on the outcome of
the probe.
Sieg runs the global division and also sits on the bank’s
18-person executive management team.
Bloomberg said the law firm’s inquiry was opened after a
request from human-resources chief Sara Wechter. The bank’s
board, led by chair John Dugan, also received anonymous
complaints critical of Sieg’s conduct at Citigroup and during
earlier periods of his career, the report said, citing
correspondence it has seen.