Citi wealth chief Andy Sieg ‘made male executive cry in front of colleagues’

Citigroup’s star wealth chief Andy Sieg is being probed after at least six managing directors accused him of humiliating employees with explosive tirades — including one outburst that reduced an executive to tears, according to a report.

The New York-based megabank hired white-shoe law firm Paul Weiss to investigate CEO Jane Fraser’s prized recruit following complaints he mocked and undermined one of Citigroup’s most prominent female executives before she left the firm, according to Bloomberg News.

Sieg, 58, who Fraser personally courted at his Connecticut home to poach from Bank of America’s Merrill Lynch division, allegedly unleashed expletive-filled rants and called employees’ work “pathetic” in front of their peers, sources told Bloomberg.

“Some of the people also described a male managing director being reduced to tears after Sieg berated him in front of colleagues while striking a tabletop,” according to the report.

At the center of the complaints was Sieg’s treatment of Ida Liu, 49, who ran Citigroup’s private bank for 18 years before abruptly leaving in January.

Liu once held the same position Fraser occupied on her climb to CEO, making her departure particularly significant.

Witnesses told investigators that Sieg openly mocked Liu in meetings, undermined her authority and made disparaging comments both to her face and behind her back.

His chief operating officer, Valentin Valderrabano, allegedly ordered another managing director to cut Liu out of critical business correspondence, that executive told Bloomberg News.

After Liu’s exit, Sieg eliminated her position entirely and replaced her with four male regional co-heads reporting directly to him, according to the report.

Senior wealth executive Kristen Bitterly also became a target of Sieg’s harsh treatment, prompting multiple complaints to human resources, sources told Bloomberg News.

Her predecessor, Naz Vahid, quit last year after nearly 40 years at Citigroup, partly because of concerns about how Sieg treated colleagues, people familiar with the situation told the financial news agency.

Other incidents included Sieg sarcastically ridiculing an executive to colleagues immediately after the person left the room.

Human resources chief Sara Wechter ordered the outside investigation as complaints piled up from both male and female executives about Sieg’s conduct since joining the bank nearly two years ago, according to the report.

Board chair John Dugan also received anonymous letters detailing troubling behavior from both Sieg’s current role and earlier career stints, according to correspondence reviewed by Bloomberg News.

Paul Weiss investigators interviewed more than a dozen witnesses, with some questioned as recently as July, before wrapping up their probe, people familiar with the matter told Bloomberg News.

The bank refused to reveal the investigation’s findings. Sieg didn’t respond to requests for comment.

“It is standard practice for us to engage an outside law firm to investigate allegations made against a senior member of the management team,” Citigroup spokesperson Mark Costiglio told Bloomberg News in a carefully worded statement.

Fraser, 58, who became CEO in 2021, had bet big on Sieg to transform the wealth division as part of her broader push to boost profitability.

Sieg sits on Citigroup’s 18-person executive management team and is widely viewed as a potential successor to Fraser.

Under his leadership, the wealth unit posted record revenue of $2.17 billion in the second quarter while shifting focus from lending to investment management.

Citigroup shares have surged 33% this year, outpacing other major banks.

“Andy is a hard-charging leader who has established a strong, client-focused franchise that is delivering revenue growth and improved returns,” Costiglio insisted.

Costiglio told Reuters that “we look forward to Andy continuing to drive strong business performance.”

The spokesperson noted that women comprise over 40% of Sieg’s senior leadership team and praised his ability to “attract, retain and promote industry-leading talent.”

But the mass exodus of longtime executives tells a different story about life under Sieg’s regime.

The wealth division has undergone massive layoffs as part of Fraser’s plan to eliminate 20,000 positions across the bank.

Senior managers grew alarmed at the intensity of complaints about Sieg’s behavior during the restructuring, sources said.

Whether Fraser will take action against her handpicked lieutenant or stand by him despite the damaging allegations remains unclear as the investigation’s conclusions stay buried.

The Post has sought comment from Sieg, Fraser, Citi, Paul Weiss and Liu.