Citi’s Andy Sieg Investigated By Outside Law Firm

Andy Sieg, the head of Citigroup’s wealth management business, was under investigation in the wake of complaints from current and former employees about his behavior at the bank, according to a report from Bloomberg.

Citigroup hired law firm Paul Weiss to lead the investigation, which is now complete, according to sources cited by Bloomberg. Those sources told the publication that the complaints stem from accusations of intimidation and “unfairly sidelining” employees over the last two years since Sieg joined.

A Citi spokesman did not immediately return a request for comment on the result of the investigation.

Sieg is still registered with the firm and listed on Citi’s leadership website.

Bloomberg reported that complaints came from at least six managing directors at Citigroup, including men and women. Some of the accusations stem from Sieg’s interactions with Ida Liu, the former head of Citigroup’s private bank who left in January, and Kristen Bitterly, a senior wealth executive.

Sieg’s behavior under investigation included “expletive-filled rants, sarcastically disparaging an executive to a group of colleagues after the person had left the room, and calling an individual’s work ‘pathetic’ with the person and colleagues present,” Bloomberg reported.

Related:Former Wells Fargo Advisors Employee Alleges Discrimination in New Lawsuit

The accusations also include making a male managing director cry after scolding him and slamming a table in front of colleagues.

Sieg stepped down from Merrill Lynch Wealth Management in 2023 after six years leading the Thundering Herd. Citi CEO Jane Fraser poached him with much fanfare to lead a turnaround of the bank’s wealth management business.

Since joining, he has made several high-profile hires, including former J.P. Morgan Executive Eric Lordi to lead its digital division earlier this year, and Kate Moore, who joined as Citi Wealth’s chief investment officer from BlackRock.

Last year, Citigold also launched a new loan and bonus program for $1 million financial advisor talent; executives are confident that advisors in its 641 bank branches can benefit from referrals from relationship managers serving affluent bank-only clients needing more help.