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Citigroup’s internal probe into star wealth executive Andy Sieg has come under fire after it emerged that investigators failed to question several of the women who accused him of bullying and discrimination — even as the bank stood by its high-profile recruit.
The inquiry, led by powerhouse law firm Paul Weiss, was launched this summer after a string of complaints alleged Sieg humiliated subordinates, berated colleagues in public meetings and drove senior women from the bank’s wealth management division.
Citigroup hired the firm after multiple executives, including longtime private banking head Ida Liu, raised concerns about Sieg’s behavior, according to Bloomberg News.
Sieg, 58, has denied the accusations, calling reports of his alleged tirades “not accurate” in an August interview with Fox Business anchor Maria Bartiromo.
But five people familiar with the matter told the Financial Times that Paul Weiss never interviewed Liu, who resigned in January after clashing with Sieg, or Naz Vahid, a 38-year Citi veteran who left last year after filing complaints with the bank’s human resources department.
Bloomberg previously reported that Sieg berated staffers as “pathetic,” pounded on tables and reduced a managing director to tears during meetings.
After Liu’s departure, he eliminated her role entirely and installed four male regional co-heads.
Another executive, Kristen Bitterly, was also said to have faced repeated outbursts that prompted HR complaints.
Linda Friedman, founding partner of employee-rights law firm Stowell & Friedman, said she represents three other former Citi employees who raised concerns about bullying and gender discrimination but were not contacted by investigators.
Friedman criticized Citi’s decision to have Paul Weiss head the probe given that the bank has had a longstanding relationship with the law firm.
Paul Weiss, which has built a reputation as one of Wall Street’s most powerful corporate legal advisers, has long represented Citi in major matters, including mortgage-backed securities litigation stemming from the 2008 financial crisis and a separate Securities and Exchange Commission fraud investigation.
It also defended Citi’s former Mexican retail arm, Banamex, in anti–money laundering probes.
“You want to make sure the law firm doing the investigating is exercising independent judgment,” Friedman told FT.
“Either you defend or you investigate. You can’t do both.”
When reached by FT, Citi declined to discuss the specifics of the probe but told the publication that it handles “all internal complaints appropriately by conducting unbiased, thorough, and complete investigations.”
The bank added in a statement that it is “committed to a workplace where everyone is treated fairly and has equal opportunity to succeed.”
Citi accused Friedman of mounting “a simultaneous, ongoing campaign to leverage the media to help her case,” saying it would respond “through the appropriate legal venue.”
The firm’s probe, which was ordered by Citigroup’s human resources chief, Sara Wechter, followed reports that Sieg’s alleged temper and management style had sparked turmoil inside the bank’s wealth division.
Anonymous letters sent to board chair John Dugan detailed allegations of intimidation and abusive conduct dating back to Sieg’s time at Bank of America’s Merrill Lynch, where he ran wealth management before joining Citi in 2023.
The probe wrapped up in July after interviewing more than a dozen witnesses.
Citi has refused to release its findings but reaffirmed Sieg’s standing, praising him as a “highly respected leader” who has “transformed” the wealth business.
Under Sieg’s leadership, Citi’s wealth arm reported record second-quarter revenue of $2.17 billion and helped lift the bank’s stock 40% this year.
CEO Jane Fraser, who personally recruited Sieg from Merrill Lynch at her Connecticut home, has continued to back him, describing him as a “hard-charging leader” who revitalized a lagging business unit.
Fraser herself was awarded a $25 million retention bonus last week, with the board citing her “extraordinary leadership” and “actions to build a strong executive team.”
Sieg, who sits on Citi’s 18-member executive management team and is viewed as a potential successor to Fraser, has maintained that his leadership style reflects the demands of a sweeping restructuring effort — not abuse.
“Change is hard,” he said in August. “And we’ve been driving a lot of change across Citi and in our wealth business.”
Citi has not said whether it plans to make the Paul Weiss findings public.
Liu, Vahid and Sieg all declined to comment to the Financial Times.
The Post has sought comment from Citi, Paul Weiss, Liu, Vahid, Sieg, Bitterly and Friedman.
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