Citi wealth boss Andy Sieg denies claims he threw – Business News
Citigroup’s embattled wealth boss Andy Sieg dismissed experiences that he terrorized colleagues with profanity-laced tirades — and hinted that business has improved as laggard staff have gone and been changed.
Sieg, 58, instructed Fox Business Network anchor Maria Bartiromo on Wednesday that “the stories themselves are not accurate” and insisted the sweeping adjustments he’s imposed inside Citi have been half 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 instructed “Mornings with Maria” on Wednesday.
Citigroup’s embattled wealth boss Andy Sieg dismissed experiences that he terrorized colleagues with profanity-laced tirades. Getty Images
Sieg, 58, instructed Fox Business Network anchor Maria Bartiromo on Wednesday that “the stories themselves are not accurate.” Getty Images
“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.”
The feedback got here solely days after Bloomberg revealed that Citi had employed powerhouse law firm Paul Weiss to probe Sieg’s alleged volcanic mood — with at the very least six managing administrators accusing him of humiliating subordinates in entrance of colleagues.
Sources instructed the outlet Sieg allegedly unleashed expletive-filled rants, belittled staffers’ work as “pathetic” and as soon as slammed a desk so laborious during a assembly that a male managing director broke down in tears.
Ida Liu, 49, who ran Citi’s personal bank for almost twenty years earlier than her sudden exit in January, was allegedly mistreated by Sieg. REUTERS
At the middle of the claims is Sieg’s therapy of Ida Liu, 49, who ran Citi’s personal bank for almost twenty years earlier than her sudden exit in January. Liu beforehand held the identical post Jane Fraser occupied on her path to CEO, making her departure notably vital.
Witnesses instructed investigators Sieg overtly mocked Liu in conferences, undermined her authority and made disparaging remarks about her each in public and personal, Bloomberg reported.
After Liu’s exit, Sieg scrapped her job completely and as a substitute put in 4 male executives as regional co-heads reporting on to him, based on Bloomberg.
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Sieg’s No. 2, chief working officer Valentin Valderrabano, allegedly ordered one other managing director to cut Liu out of key business correspondence, a transfer that additional marginalized her position, the report stated.
Another senior determine, wealth government Kristen Bitterly, additionally lodged a number of complaints with human assets after allegedly dealing with Sieg’s wrath, based on the Bloomberg report.
Her predecessor, Naz Vahid, had already left final 12 months after almost 4 many years on the bank, partly because of considerations about Sieg’s conduct, Bloomberg reported.
Other staffers claimed Sieg would ridicule executives behind their backs — and typically to their faces — in entrance of friends.
Another senior determine, wealth government Kristen Bitterly, additionally lodged a number of complaints with human assets, based on a report. Linkedin/Kristen Bitterly Michell
As complaints piled up, Citi’s HR chief Sara Wechter tapped Paul Weiss to analyze. The firm interviewed more than a dozen witnesses, with questioning persevering with as lately as July, people aware of the probe instructed Bloomberg.
Board chair John Dugan was additionally despatched nameless letters describing troubling conduct by Sieg, each at Citi and in earlier roles at Bank of America’s Merrill Lynch, the place he beforehand ran wealth management.
The findings of the surface review haven’t been launched, and Citi has refused to say whether or not Sieg faces any self-discipline. He didn’t reply to repeated requests for remark from Bloomberg or The Post.
Citi spokesman Mark Costiglio defended Sieg as “a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry.”
Sieg’s division delivered file income of $2.17 billion within the second quarter and Citi shares are up almost 40% this 12 months. EPA
“When he joined Citi in 2023, it was with a clear mandate for change and Wealth has been transformed under his leadership,” Costiglio stated in a assertion.
He praised Sieg as “a hard-charging leader” who constructed “a strong, client-focused franchise that is delivering revenue growth and improved returns.”
Costiglio added that more than 40% of the wealth unit’s senior management crew are girls, regardless of complaints that Sieg marginalized prime feminine executives.
CEO Jane Fraser, 58, who lured Sieg to Citi in a personal recruitment pitch at her Connecticut home, has but to say whether or not she is going to take motion towards her prized rent.
Fraser has been banking on Sieg to remodel Citi’s wealth arm into a revenue engine as she slashes 20,000 jobs throughout the firm.
Sieg, who sits on Citi’s 18-member government management crew, is extensively seen as a potential successor to Fraser.
His division delivered file income of $2.17 billion within the second quarter and Citi shares are up almost 40% this 12 months, outpacing rivals.
