The 58-year-old wealth management chief's alleged conduct included profanity-laden rants, belittling remarks to colleagues about an executive who had left the room, and referring to someone's work as “pathetic” in front of the individual and others, Bloomberg reported, citing sources familiar with the situation.
Current and former staff members have complained about Sieg's behavior and accused him of sidelining employees unfairly since he was named to the post in 2023, according to the report.
The financial services behemoth tapped the law firm Paul Weiss to investigate on request from Citi's human resources head, according to the article. The law firm recently completed the investigation, in which it interviewed more than 12 people, according to the report, which cited sources as saying it wasn't clear exactly which complaints the law firm reviewed. However, Bloomberg reported that six or more managing directors had lodged complaints.
Citi declined to confirm anything in the Bloomberg story but provided a statement by email to ThinkAdvisor:
“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. Andy is a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns.
"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. We look forward to Andy continuing to drive strong business performance."
A Citi spokesperson had told Bloomberg that it was standard practice for the company to engage an outside law firm to investigate allegations made against a senior management team member. Sieg didn't respond to Bloomberg's requests for comment, according to the report.
Sieg was head of Merrill Lynch Wealth Management for several years before joining Citi as head of wealth in September 2023, after Citi CEO Jane Fraser selected him for the role. He's also on Citi's executive management team, Bloomberg noted.
Sieg was paid $13 million in 2024, according to a proxy statement.
In 2024, LPL Financial announced that it had fired President and CEO Dan H. Arnold for violating LPL policies tied to "a respectful workplace." The firm's board dismissed him for cause based on a special directors committee's recommendation after an outside law firm's investigation.
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