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Citigroup’s wealth boss Andy Sieg, has dismissed reports that he terrorized colleagues with profanity-laced outbursts, saying stories about his behavior are inaccurate.
Sieg told Fox Business Network: “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.”
He added: “The quality of talent that has risen up inside Citi and joined our part of the business from outside has been phenomenal. So we’re moving ahead full speed.”
Allegations of misconduct
The comments follow Bloomberg reporting that Citi hired law firm Paul Weiss to investigate claims of Sieg’s volatile temper. At least six managing directors alleged he humiliated subordinates publicly, unleashed expletive-filled rants, called staffers’ work “pathetic” and once slammed a table during a meeting so hard a male managing director broke down in tears.
Ida Liu, who ran Citi’s private bank for nearly two decades before leaving in January, was reportedly a central figure in the complaints. Witnesses told investigators Sieg mocked Liu in meetings, undermined her authority and disparaged her publicly and privately, Bloomberg reported.
After Liu’s exit, her role was removed and replaced by four male regional co-heads reporting directly to Sieg. Bloomberg said chief operating officer Valentin Valderrabano ordered another managing director to exclude Liu from key correspondence, further marginalizing her.
Other executives, including Kristen Bitterly, were allegedly targeted by Sieg’s outbursts. Naz Vahid, Liu’s predecessor, left last year after nearly 40 years partly over concerns about Sieg’s conduct. Staff also claimed Sieg ridiculed executives both behind their backs and to their faces in front of colleagues.
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Leadership and performance
“When he joined Citi in 2023, it was with a clear mandate for change and Wealth has been transformed under his leadership,” said the firm in a statement. Sieg was praised as “a hard-charging leader” who built “a strong, client-focused franchise that is delivering revenue growth and improved returns.”
The statement added that more than 40% of the wealth unit’s senior leadership are women, despite claims that Sieg marginalized female executives.
CEO Jane Fraser, who personally recruited Sieg to Citi, has not indicated whether she will take action regarding the allegations. Fraser has relied on Sieg to transform Citi’s wealth arm while reducing 20,000 jobs firmwide. Sieg, part of Citi’s 18-member executive management team, is considered a potential successor to Fraser.
His division reported record revenue of $2.17 billion in the second quarter, and Citi shares have risen nearly 40% this year, outpacing competitors.
