Story 76
A few years ago, the Head of Wealth at Citi imposed a hire on the Head of the Private Bank. A white male who worked had worked for the Head of Wealth at a prior firm and was now “retired”. The “retirement” was due to inappropriate relationships with someone at a prior firm. Needless to say, the Head of the Private Bank was never told this information, and she didn’t have much say in the hire as this person emerged from retirement to join Citi.
Fast forward 3 months, and the new hire is now accused of inappropriate conduct with an intern. Citi party line became he had a family emergency, and he literally walked out and left the firm the same day. Manager, team – no one was told anything more, and it was effectively buried by Head of Wealth. Suspicious, as family emergencies usually warrant a gesture- flowers, cards, and something by the team, manager, firm to show support. There were no details, and he was never heard from again.
Best part? Departed employee was evidently paid mid-8 figures to keep his mouth shut. And he has.
Everyone in Wealth knows the story because he left so abruptly after such a short tenure, and there are no secrets at Citi. Nothing is sacred.