Citi CEO Backs Wealth Head After Internal Probe

Core Insights - Citigroup's CEO Jane Fraser expressed confidence in the findings of an internal investigation into the bank's wealth management chief, Andy Sieg, highlighting strong performance in the division [1][2] Group 1: Internal Investigation - The internal probe into Andy Sieg was conducted by law firm Paul Weiss following complaints about his behavior, and the investigation is now complete [1] - Fraser stated she is "very comfortable" with the outcome of the investigation and emphasized the seriousness with which the matter was handled [2] Group 2: Leadership and Performance - Andy Sieg, a significant hire for Fraser, was tasked with transforming Citigroup's wealth business, and Fraser is pleased with the achievements of the team under his leadership [2] - Complaints against Sieg included allegations of intimidation and unfair treatment from staff [2] Group 3: Work Policies and Economic Outlook - Fraser defended Citigroup's flexible work policies, contrasting them with stricter return-to-office mandates at other banks [3] - The bank's turnaround plan is nearing completion, and Fraser remains optimistic about the US economy, stating that she does not expect a recession [3] Group 4: Market Activity - Clients have become more active in capital markets, engaging in investing and dealmaking due to increased clarity on taxes, tariffs, and deregulation [4]