Sieg’s Behavior at Citi Raises Legal Questions
Former Citi employee, Carreon, faced legal issues due to her behavior at the company. Complaints were raised by both male and female colleagues regarding her conduct. It was reported that she implied to other employees about her close relationship with Mr. Sieg, suggesting she had the power to have them terminated. Additionally, she was accused of mistreating the direct reports of Mr. Sieg.
Carreon’s Departure from Citi
Shortly after leaving Citi, Carreon wrote a letter to Sieg and Valderrabano, praising their efforts in overhauling the firm’s wealth management division. In the letter, she thanked them for attempting to change the culture and expressed her anticipation to see the great things they would achieve. This incident marked the second time in six months that legal concerns were raised about Sieg’s behavior.
Legal Investigations into Sieg’s Misconduct
Bloomberg reported that Citi had hired the law firm Paul Weiss to investigate alleged instances of misbehavior by Sieg, including expletive-filled rants. Several managing directors at Citi filed human resources complaints against Sieg, with particular attention given to his treatment of former private banking head Ida Liu. Despite the allegations, Citi continued to support Sieg.
In an interview with Bloomberg TV, Fraser expressed her confidence in Sieg’s work within the firm’s wealth management division. She stated that she was comfortable with the outcome of the investigation into Sieg’s alleged misconduct. Sieg was paid $13 million for his work at Citi in 2024, which the firm deemed as a turning point year for its wealth business.
Legal Battles at Citi
In addition to the issues surrounding Sieg, Citi was also involved in a lawsuit brought by Ardith Lindsey, a managing director in the global equities market division. Lindsey alleged experiencing a hostile work environment, unlawful discrimination, and being coerced into a relationship with a superior. Citi vowed to defend itself against these accusations when the lawsuit was filed.
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