Story 161

I’ve been at Citi Private Bank for nearly 13 years, and have seen my share of chaos. But since 2021, the dysfunction is unlike anything I’ve ever witnessed. Leadership talks endlessly about “transformation,” but the reality inside is far worse than what’s acknowledged publicly.

Citi has a long history of elevating the wrong leaders. A reminder in the public record: [REDACTED], who once ran the private bank, was arrested in a prostitution sting in 2019. I met him once at a Town Hall and still recall how tall and terrifying he was in person — the kind of presence that made the room cold the moment he walked in.

So when Wealth launched in late 2020, under Jane Fraser, employees hoped things would be different. Instead, the initial leadership structure she put in place was just a bunch of her incompetent lieutenants, including her current COO. They are men (all men) who simply did not have the capability or understanding needed to run the business, and the result was operational chaos and real damage to the franchise.

When they were finally replaced, employees were optimistic. But the replacement, notably a former Merrill Lynch executive — came with internal reputational concerns that were widely known across the industry. None of this was hidden. Leadership either knew or should have known. Those same concerns are now playing out internally, and instead of addressing them, the pattern seems to be reframing, minimizing, or managing around the problems.

To me, this isn’t about one leader — it’s about judgment. And that judgment sits with Fraser and the Board.

The environment today is irreparably unhealthy. Morale is depleted, trust in leadership is low, and many employees believe HR is functioning as surveillance rather than support. And as a woman here, I can say the culture has become impossible. We miss Ida Liu and Naz Vahid but as a 49yo woman who has seen a lot, I’m sure they’re happy to be gone.