Citigroup Probe of Andy Sieg By Paul Weiss - The Growing Business of Investigations by Law Firms

Paul Weiss not only kicked off creating corporate investigations as a legitimate practice when it was called in by Fox in 2016. That was to apply its probing methodologies to determine if there had been sexual harassment at that cable business. 

In addition, it also established itself as the go-to. Soon after the release of the findings Fox founder Roger Ailes left the corporation. In 2017, Fox called in Paul Weiss again. The focus was Bill O'Reilly. Soon after, O'Reilly also left. 

So, it's was predictable that Citigroup contracted with Paul Weiss for this high profile assignment of investigating allegations about Andy Sieg's behavior on the job. The head of HR at Citi Sara Wechter started the ball rolling on this. 

As Bloomberg News reports there had been complaints by current and former staff that Sieg exhibited a pattern of intimidation and sidelining as well as expletive-peppered rants. Specifically it had been reported that:

"... at least six Citigroup managing directors made complaints, with both men and women raising concerns to human resources. Some complaints focused on Sieg’s treatment of Ida Liu, the former head of Citigroup’s private bank who left the company in January after 18 years, and Kristen Bitterly, a senior wealth executive." 

In general, the comments on Advisor Hub's analysis of this development have been negative about Sieg. Some reach back to his days at Merrill. 

The probe has been completed. 

As Sieg's LinkedIn profile documents, he came to Citi in 2023, heads wealth management at Citi and is a member of the powerful Executive Management Committee. He has attracted 42,746 followers on that professional network. 

Other background coverage notes that he was recruited by Citi turnaround CEO Jane Fraser. There has been gossip that he could eventually succeed Fraser. 

Upon the completion of the investigation, the financial media notes that Citi is defending Sieg. For example, Reuters reports: 

"'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

In contrast, Sieg did not respond to Reuters. At least not at this time.

There could be much more buzz about this in coming days. Yes, it's a big deal. Yet, the Citigroup stock closed only a bit off at 93.17. That's down 0.57. The 52-week high is 96.91.

Meanwhile, many other law firms have established investigation practices since Paul Weiss' prominent 2016 probe at Fox. Paul Weiss lists its under Litigation. No, does not appear in the Transactional section.

Some contend that the hiring organization gives the law firm marching orders. For instance:  Adopt a prosecutorial approach. 

In coaching I tutor professionals how power could operate. In the 1959 classic on human interaction "The Presentation of Self in Everyday Life" by sociologist Erving Goffman the fundamental is hammered: Those with the most power define the situation. That extends from how to comport yourself during an interview with the brass to how to navigate behavior in the workplace that you might perceive as unacceptable.

Thrown off your game, maybe the first time since you started working? You made all the right moves and then the world moved in another direction.

Intuitive Coaching. Special expertise with transitions, reskilling and aging. Psychic/tarot readings, upon request. Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com). Yes, test out the chemistry. There’s no risk.