Andy Sieg News

Citigroup Inc. almost shifted about $6 billion to a customer’s account by accident after a staffer handling the transfer copied and pasted the account number into a field for the dollar figure. The near-miss in Citigroup’s wealth-management business magnified the intended amount by more than a thousand times and was detected on the next business day, according to people familiar with the matter. It happened in April, the same month that another part of the bank accidentally credited $81 trillion to a different client. The wealth division’s error was reported to regulators and, within Citigroup’s offices, provoked audible frustration from Andy Sieg, who had arrived just months earlier to run the unit, according to the people, who asked not to be named discussing private information.

Jane Fraser, CEO of Citigroup, likes Andy Sieg. She regularly praises him during the bank's investor calls and notes his importance to reshaping the bank's wealth management business, where costs still consumed 85% of revenues in the second quarter. 

With Vis Raghavan due to turn up at Citi in early June, there are growing suspicions that all sorts of people leaving JPMorgan are heading to Citi to join him.

Citigroup’s chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.

By Tatiana Bautzer and Nupur Anand

The memo to staff seen by Bloomberg noted that the cuts would include 21 roles in the firm’s private bank division.

Andy Sieg, the newish head of wealth management at Citigroup, looks a little older than his 56 years. This might be because managing wealth managers is a stressful business, and he oversaw 25,000 of them at Merrill Lynch before joining Citi last September. Or it might be because he is wise. 

Citigroup Inc. said its head of wealth services is leaving as the lender conducts a global reorganization.

Citi has announced a significant change to its organizational model and its management structure.

By Tatiana Bautzer

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