Citi wealth chief Andy Sieg ‘made male executive – Business News
Citigroup’s star wealth chief Andy Sieg is being probed after not less than six managing administrators accused him of humiliating workers with explosive tirades — together with one outburst that decreased an executive to tears, in response to a report.
The New York-based megabank employed white-shoe law firm Paul Weiss to analyze CEO Jane Fraser’s prized recruit following allegations that he mocked and undermined one of Citigroup’s most distinguished feminine executives earlier than she left the firm, in response to Bloomberg News.
Sieg, 58, whom Fraser personally courted at his Connecticut home to poach from Bank of America’s Merrill Lynch division, allegedly unleashed expletive-filled rants and known as workers’ work “pathetic” in entrance of their friends, sources instructed Bloomberg.
Andy Sieg, Citigroup’s embattled head of wealth, is reportedly below investigation after executives accused him of tirades, humiliations and abusive remedy. Bloomberg by way of Getty Images
“Some of the people also described a male managing director being reduced to tears after Sieg berated him in front of colleagues while striking a tabletop,” in response to the report.
At the middle of the complaints was Sieg’s remedy of Ida Liu, 49, who ran Citigroup’s personal bank for 18 years earlier than abruptly leaving in January.
Liu as soon as held the identical place Fraser occupied on her climb to CEO, making her departure notably important.
Witnesses instructed investigators that Sieg brazenly mocked Liu in conferences, undermined her authority and made disparaging feedback each to her face and behind her back.
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His chief working officer, Valentin Valderrabano, allegedly ordered one other managing director to cut Liu out of crucial business correspondence, that executive instructed Bloomberg News.
After Liu’s exit, Sieg eradicated her place completely and changed her with 4 male regional co-heads reporting on to him, in response to the report.
Ida Liu, who ran Citigroup’s personal bank for 18 years earlier than abruptly leaving in January, was allegedly mocked and undermined by Andy Sieg. REUTERS
Senior wealth executive Kristen Bitterly additionally turned a goal of Sieg’s harsh remedy, prompting a number of complaints to human sources, sources instructed Bloomberg News.
Her predecessor, Naz Vahid, stop final 12 months after almost 40 years at Citigroup, partly as a result of of considerations about how Sieg handled colleagues, people acquainted with the state of affairs instructed the financial information company.
Kristen Bitterly, one other senior executive at Citi, was reportedly on the receiving finish of Sieg’s ire. Linkedin/Kristen Bitterly Michell
Other alleged incidents included Sieg sarcastically ridiculing an executive to colleagues instantly after the particular person left the room.
Human sources chief Sara Wechter ordered the skin investigation as complaints piled up from each male and feminine executives about Sieg’s conduct since becoming a member of the bank almost two years in the past, in response to the report.
Board chair John Dugan additionally acquired nameless letters alleging troubling conduct from each Sieg’s present position and earlier profession stints, in response to correspondence reviewed by Bloomberg News.
Paul Weiss investigators interviewed more than a dozen witnesses, with some questioned as not too long ago as July, earlier than wrapping up their probe, people acquainted with the matter instructed Bloomberg News.
Bitterly and Sieg in Armonk, New York, earlier this month. Linkedin/Kristen Bitterly Michell
The bank refused to reveal the investigation’s findings. Sieg didn’t reply to requests for remark from Bloomberg and The Post.
“It is standard practice for us to engage an outside law firm to investigate allegations made against a senior member of the management team,” Citigroup spokesperson Mark Costiglio instructed Bloomberg News.
Costiglio additionally The Post: “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,” the Citi rep added in a assertion to The Post.
Costiglio praised Sieg as “a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns.”
Liu, as soon as seen as a rising star who held the identical position Jane Fraser occupied earlier than turning into CEO, turned a central determine in complaints towards Sieg. Getty Images
“He also continues to attract, retain and promote industry-leading talent, including the more than 40% of accomplished women on Wealth’s Senior Leadership Team,” Costiglio instructed The Post.
“We look forward to Andy continuing to drive strong business performance.”
Fraser, 58, who turned CEO in 2021, had wager huge on Sieg to rework the wealth division as half of her broader push to spice up profitability.
Sieg sits on Citigroup’s 18-person executive management workforce and is broadly considered as a potential successor to Fraser.
Citi CEO Jane Fraser personally courted Sieg at his Connecticut home to poach him from Bank of America. Getty Images
Under his management, the wealth unit posted file income of $2.17 billion within the second quarter whereas shifting focus from lending to investment management.
Citigroup shares have surged 33% this 12 months, outpacing different main banks.
But the exodus of a number of longtime executives tells a totally different story about life below Sieg’s regime.
The wealth division has undergone large layoffs as half of Fraser’s plan to eradicate 20,000 positions throughout the bank.
A spokesperson for Citi instructed Reuters that “we look forward to Andy continuing to drive strong business performance.” Christopher Sadowski
Senior managers grew alarmed on the depth of complaints about Sieg’s conduct during the restructuring, sources stated.
Whether Fraser will take motion towards her handpicked lieutenant or stand by him regardless of the damaging allegations stays unclear because the investigation’s conclusions keep buried.
The Post has sought remark from Sieg, Fraser, Citi, Paul Weiss and Liu.
