Citigroup Hires Paul Weiss to Probe Complaints Against Wealth Chief Sieg

Citigroup has hired law firm Paul, Weiss, Rifkind, Wharton & Garrison to review human-resources complaints against Andy Sieg, the bank’s head of wealth management, according to people familiar with the matter cited by Bloomberg News. The grievances, filed by current and former employees, accuse Sieg of intimidating colleagues and unfairly sidelining staff. Sources said the investigation has concluded, although Citigroup has not disclosed any findings or potential disciplinary actions. Sieg, who moved to Citigroup from Bank of America in September 2023, oversees a business that Chief Executive Officer Jane Fraser has identified as a growth priority. A 25-year industry veteran, he is responsible for integrating the bank’s private-bank and wealth-franchises worldwide. Spokesperson Mark Costiglio said engaging outside counsel is standard practice to ensure independence and avoid any appearance of conflict. He added that Sieg remains a “highly respected leader” and that the bank looks forward to him continuing to drive strong performance. The scrutiny of Sieg comes as Citigroup revamps its leadership ranks; earlier this week the Financial Times reported the bank had hired more than ten investment bankers from JPMorgan Chase as part of an ongoing recruitment drive.