(Reuters) -Citigroup has hired law firm Paul Weiss to investigate complaints about the behavior of the bank's wealth management chief, Andy Sieg, Bloomberg News reported on Wednesday, citing people
Citi Launches Investigation into Wealth Chief Andy Sieg's Conduct
Investigation into Andy Sieg's Conduct
(Reuters) -Citigroup has hired law firm Paul Weiss to investigate complaints about the behavior of the bank's wealth management chief, Andy Sieg, Bloomberg News reported on Wednesday, citing people with direct knowledge of the matter.
Details of the Complaints
The complaints accused Sieg "of intimidating and unfairly sidelining employees", the report said. Paul Weiss's investigation is now complete, it added, citing sources.
Citi's Response and Statement
Reuters could not immediately verify the report. Paul Weiss did not immediately respond to Reuters requests for comment.
Background on Andy Sieg
Sieg, who joined Citi as the head of wealth management from rival Bank of America in September 2023, did not respond to Reuters requests by phone, LinkedIn and email for a comment.
"Andy is a highly respected leader with more than 25 years operating at the most senior levels of the wealth management industry," Citi spokesperson Mark Costiglio said in an email statement to Reuters, adding that the wealth business has transformed under his leadership.
"We look forward to Andy continuing to drive strong business performance," he said.
In a statement to Bloomberg News, Costiglio said it was "standard practice" for the bank to engage an outside law firm to probe allegations against a senior member of the management team "to ensure independence and prevent even the appearance of a possible conflict of interest".
(Reporting by Manya Saini in Bengaluru and Tatiana Bautzer in New York; additional reporting by Lananh Nguyen in New York; Editing by Arun Koyyur)
