Former Citi Executive Sues Bank Over Sexual Harassment
(Bloomberg) — A former Citigroup Inc. wealth management executive sued the firm, alleging that she was sexually harassed by Andy Sieg, one of the bank’s top leaders who’s previously faced accusations of intimidating and unfairly sidelining employees.
Julia Carreon, who left the bank in 2024, filed a lawsuit Monday in federal court in Manhattan, saying that she endured sexual harassment from Sieg for months and accusing the bank of having a “weaponized” human resources department.
It’s the latest allegation against Sieg for his behavior. Citigroup hired the law firm Paul Weiss to investigate complaints against Sieg from current and former staff, Bloomberg reported last year. At least six Citigroup managing directors made complaints and both men and women raised concerns to human resources, Bloomberg reported at the time.
The law firm’s inquiry was opened after a request from human-resources chief Sara Wechter, Bloomberg previously reported. The bank’s board has also received anonymous complaints critical of Sieg’s conduct at Citigroup and during earlier periods of his career.
Chief Executive Officer Jane Fraser has said she was “comfortable” with the outcome of the probe. In November, she gave Sieg greater responsibility by bringing Citigroup’s retail business under his control.
“This lawsuit has absolutely no merit and we will demonstrate that through the legal process,” Citigroup spokesperson Mark Costiglio said. The lawsuit was reported on earlier by the Financial Times.
Read More: Citi Investigated HR Complaints Against Wealth Head Sieg
Carreon, who had come to the bank to help with digital operations, alleged that Sieg exhibited “public and sexually charged conduct toward her,” noting that it became a widespread rumor in the firm that she was having an affair with him. The rumor left her distraught and unable to sleep, according to the filing. She said she was forced to leave in 2024.
Citigroup’s wealth business has trailed behind its main banking rivals since the aftermath of the 2008 financial crisis, when it agreed to sell its Smith Barney retail brokerage to Morgan Stanley. Fraser poached Sieg in 2023 from rival Bank of America Corp. to help her turnaround the division.
The case is Julia Carreon v. Citigroup Inc., and Citigroup Global Markets Inc., 1:26-cv-00660, US District Court, Southern District of New York.
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