Citi CEO Jane Fraser said she is “comfortable” with the findings of an internal probe into the bank’s top wealth executive and pointed to strong performance in the division.
The bank earlier this year hired the law firm Paul Weiss to investigate complaints about the behavior of its wealth-management chief, Andy Sieg, Bloomberg News reported in August. That investigation is now complete, although Citi has previously declined to comment on the outcome of the probe.
“We looked into the matter seriously and I’m very comfortable with the way we came out,” Fraser told Bloomberg TV in an interview.
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Sieg, a former Bank of America executive, was one of Fraser’s most prominent hires as part of her effort to overhaul the bank. Since Sieg joined nearly two years ago, he has faced complaints from staff alleging intimidation and unfair treatment, Bloomberg News has reported.
Andy Sieg is head of wealth at Citigroup.
“I gave Andy a very clear mandate when he joined Citi, which was to transform our wealth business,” Fraser said. “I’m very pleased with what the team and the business have achieved,” she said.
Fraser also defended Citi’s flexible work policies, saying, “not all jobs need to be in five days a week.” That contrasts with many of the bank’s Wall Street peers, which have begun enforcing stricter return-to-office mandates.
The Citi CEO added that the bank’s wider turnaround plan is entering its final stages and struck an upbeat note on the U.S. economy, saying she does not expect a recession.
Clients have become “much more active” in capital markets, investing and dealmaking after greater clarity on taxes, tariffs and deregulation, Fraser said.
