Citigroup’s embattled wealth boss Andy Sieg brushed off reports that he terrorized colleagues with profanity-laced tirades — and hinted that business has improved as laggard employees have gone and been replaced.
Sieg, 58, told Fox Business Network anchor Maria Bartiromo on Wednesday that “the stories themselves are not accurate” and insisted the sweeping changes he’s imposed inside Citi were part of a deliberate restructuring.
“What I’d say overall is change is hard, and we’ve been driving a lot of change across Citi and in our wealth business. That change is working, I’m happy to say,” Sieg told “Mornings with Maria” on Wednesday.
“The quality of talent that has risen up inside Citi and joined our part of the business from outside has been phenomenal. So we’re moving ahead full speed.”
The comments came only days after Bloomberg revealed that Citi had hired powerhouse law firm Paul Weiss to probe Sieg’s alleged volcanic temper — with at least six managing directors accusing him of humiliating subordinates in front of colleagues.
Sources told the outlet Sieg allegedly unleashed expletive-filled rants, belittled staffers’ work as “pathetic” and once slammed a table so hard during a meeting that a male managing director broke down in tears.
At the center of the claims is Sieg’s treatment of Ida Liu, 49, who ran Citi’s private bank for nearly two decades before her sudden exit in January. Liu previously held the same post Jane Fraser occupied on her path to CEO, making her departure particularly significant.
Witnesses told investigators Sieg openly mocked Liu in meetings, undermined her authority and made disparaging remarks about her both in public and private, Bloomberg reported.
After Liu’s exit, Sieg scrapped her job entirely and instead installed four male executives as regional co-heads reporting directly to him, according to Bloomberg.
Sieg’s No. 2, chief operating officer Valentin Valderrabano, allegedly ordered another managing director to cut Liu out of key business correspondence, a move that further marginalized her role, the report said.
Another senior figure, wealth executive Kristen Bitterly, was also alleged to have faced Sieg’s wrath, according to the Bloomberg report.
Her predecessor, Naz Vahid, had already left last year after nearly four decades at the bank, partly due to concerns about Sieg’s conduct, Bloomberg reported.
Other staffers claimed Sieg would ridicule executives behind their backs — and sometimes to their faces — in front of peers.
As complaints piled up, Citi’s HR chief Sara Wechter tapped Paul Weiss to investigate. The firm interviewed more than a dozen witnesses, with questioning continuing as recently as July, people familiar with the probe told Bloomberg.
Board chair John Dugan was also sent anonymous letters describing troubling behavior by Sieg, both at Citi and in earlier roles at Bank of America’s Merrill Lynch, where he previously ran wealth management.
The findings of the outside review have not been released, and Citi has refused to say whether Sieg faces any discipline. He did not respond to repeated requests for comment from Bloomberg or The Post.
Citi spokesman Mark Costiglio defended Sieg as “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,” Costiglio said in a statement.
He praised Sieg as “a hard-charging leader” who built “a strong, client-focused franchise that is delivering revenue growth and improved returns.”
Costiglio added that more than 40% of the wealth unit’s senior leadership team are women, despite complaints that Sieg marginalized top female executives.
CEO Jane Fraser, 58, who lured Sieg to Citi in a personal recruitment pitch at her Connecticut home, has yet to say whether she will take action against her prized hire.
Fraser has been banking on Sieg to transform Citi’s wealth arm into a profit engine as she slashes 20,000 jobs across the firm.
Sieg, who sits on Citi’s 18-member executive management team, is widely seen as a potential successor to Fraser.
His division delivered record revenue of $2.17 billion in the second quarter and Citi shares are up nearly 40% this year, outpacing rivals.
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