Who Is Andy Sieg From Citigroup, And Why Is The Name Drawing Attention Today? More Details Inside

Citigroup Inc. (C) has reportedly concluded an internal probe into the behavior of its wealth-management head Andy Sieg, a key executive brought on board by CEO Jane Fraser to spearhead a major overhaul of the bank’s wealth division. 

According to a Bloomberg report, the investigation, led by law firm Paul Weiss, stemmed from multiple complaints by staff alleging intimidation and mistreatment.

The inquiry, which was initiated by Citigroup's head of human resources, Sara Wechter, came after anonymous concerns were raised with the bank's board regarding Sieg's conduct, both at Citi and in previous roles, said the report. 

Citigroup stock traded over 1% lower on Monday morning. On Stocktwits, retail sentiment around the stock improved to ‘bullish’ from ‘neutral’ territory amid ‘low’ message volume levels. 

However, the bank did not disclose the outcome of the investigation. The report mentioned that accusations against Sieg included aggressive language, dismissive remarks, and public criticism. Sieg joined Citi as Head of Wealth in September 2023. He had previously led Merrill Wealth Management as president, where he managed over 25,000 employees.

Between 2005 and 2009, Andy worked at Citi in a senior role within the wealth division. Earlier in his career, he also worked at the White House, supporting the President’s economic and domestic policy team.

The report said that since his arrival, Citi’s Wealth division has undergone significant changes, including layoffs and a strategic shift toward investment management. While these changes boosted revenue to a record $2.17 billion in Q2, they also coincided with internal tensions and executive departures.

Citigroup stock has gained over 30% year-to-date and 50% in the last 12 months. 

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