Story 227

I was a 19-year employee in Citi Wealth when I was displaced in January. I won’t say which department or regions I worked in to avoid being identified. Either way, the company, thanks to Jane Fraser and [REDACTED], have developed an allergic reaction to loyal longstanding employees.

I’ve debated for a long time whether to post here, but yesterday’s earnings were the final straw. There’s no question Wealth’s numbers would look okay—at this point, Fraser can’t let her “golden goose” fail. She’s invested too much energy, money (especially by way of legal fees), and political capital in him.

But I do hope some journalists or analysts ask the right questions about the NNIA number. Is it a clean figure that only reflects net external flows? Or is there some creative accounting—like shifting cash from a money market account into an investment portfolio—to make the number look stronger? This isn’t even a “whistleblower” kind of accusation – the slightest bit of digging would probably reveal the answer.

I’m not trying to be petty. I understand this could sound like sour grapes. But when you see the sheer number of negative stories surrounding [REDACTED], you can’t help but wonder why he and others like him are continually propped up and allowed to get away with (figurative) “murder” while everyday employees are crushed. Take a look at the comments on the AdvisorHub article below—who knows if every allegation is true, but there is enough concern to suggest a pattern. The AH article that ran when his departure from Merrill was announced is also a zoo.

I suspect he feels like a victim at Citi as he “saved” the business from uncertain ruin thanks to the previous disastrous leadership, which was enabled by Jane for far too long.

Which brings me here: all of this is a reflection on the CEO. As someone who is deeply disappointed by what I’ve seen, I do hope they face some tough questions at Investor Day because the difficulties and sadness they’ve caused longtime employees, who gave our all to the company. We deserve some satisfaction.

https://www.advisorhub.com/citi-investigates-hr-complaints-against-wealth-head-andy-sieg/
https://www.advisorhub.com/breaking-andy-sieg-to-leave-merrill-lynch-memo/