Citigroup has launched an independent investigation into Andy Sieg, its global head of wealth management, after a wave of complaints alleging bullying, verbal abuse, and the sidelining of senior female executives.
The bank confirmed that it retained top law firm Paul Weiss to review Sieg's conduct after at least six managing directors raised concerns to human resources.
The probe, overseen by Citi's board, has seen more than a dozen employees interviewed in recent months.
A Star Hire Now Under Fire
Sieg, 58, joined Citi in September 2023 after nearly three decades at Merrill Lynch, where he rose to lead wealth management. His arrival was celebrated internally, with CEO Jane Fraser describing him at the time as a strategic hire who would 'revitalise Citi's Wealth proposition' and help transform the underperforming division.
At the time, Fraser said, 'Andy's decision to join Citi sends a strong signal about the potential of our Wealth proposition and the attractiveness of our unique global offering.'
Two years on, however, Sieg's leadership style is being scrutinised. According to Bloomberg, at least six managing directors at Citigroup lodged complaints with human resources, accusing Sieg of intimidating behaviour and unfair treatment. The allegations include expletive-laden outbursts, public humiliation of colleagues, and a pattern of sidelining female executives.
Allegations of Verbal Abuse and Gender Bias
Sources familiar with the investigation described incidents in which Sieg allegedly disparaged a colleague after they left the room, called another's work 'pathetic' in front of peers, and routinely used aggressive language during meetings. While the full scope of the probe remains confidential, Bloomberg reports that more than a dozen individuals were interviewed, some as recently as July 2025.
Particular concern has been raised over Sieg's treatment of Ida Liu, the former head of Citi's private bank, who departed in January after 18 years at the firm. Liu declined to comment when approached by Bloomberg. Another senior executive, Kristen Bitterly, who remains at Citi, was also reportedly among those affected, though she has not publicly responded to the claims.
Independent Review and Board Oversight
The investigation was initiated at the request of Citi's Human Resources Chief, Sara Wechter, and was overseen by the bank's Board, chaired by John Dugan.
Citi spokesperson Mark Costiglio confirmed the bank's decision to engage Paul Weiss, describing it as 'standard practice' for the bank to retain an outside law firm when investigating allegations against a senior management figure, explaining that this approach helps 'to ensure independence and prevent even the appearance of a possible conflict of interest.'
While the law firm has reportedly completed its inquiry, Citi has declined to comment on the outcome. Sieg himself has not responded to media requests, and Paul Weiss has remained silent on its findings.
Implications for Citi's Turnaround Strategy
The controversy surrounding Sieg comes at a critical juncture for Citigroup, which has been undergoing a multi-year restructuring under Fraser's leadership.
The wealth management division was seen as a cornerstone of this strategy, especially after Citi's sale of its Smith Barney franchise to Morgan Stanley following the 2008 financial crisis.
Sieg's appointment was intended to inject new energy into the business and position Citi as a competitive force against rivals like JPMorgan Chase. However, the internal unrest and potential reputational damage stemming from the investigation could complicate those ambitions, depending on how the situation unfolds.
Some on Wall Street had even speculated that Sieg was being groomed as a potential successor to Fraser, a prospect now clouded by the investigation.
For now, Citi's silence on the outcome leaves the future of one of its most high-profile hires in doubt, while employees and investors alike wait to see whether the findings will reshape the leadership of its wealth business.
