Andy Sieg is quickly shaking up Citi's wealth business. At least 22 senior execs have left since his arrival.

Sieg said few of these departures were regrettable at a Morgan Stanley conference on Wednesday.

"We have had a substantial number of departures, but those departures really come through a level of rigorous self-examination of the business," he said. "We've needed to drive significant change across the team, and we're making those changes."

Carreon wrote in a LinkedIn post that she quit in early June to co-found a menopause wellness company. Chief investment officer David Bailin, who departed in May, is starting an investment advisory business for family office. Most of the other departing executives have not disclosed their reasons for leaving. These changes come as Citi has undergone a restructuring that reduced the number of management levels to 8 from 13.

More exits could be on the way. To turn around the barely profitable wealth unit, Sieg is laser-focused on getting advisors and bankers to sell as many investment products as possible. Only one third of advisors are meeting expectations, he said at the conference.

One of his other goals is to expand Citi's already successful wealth business in Asia. He upholds the bank's reputation among rich customers in Asian capitals such as Hong Kong and Singapore as an example for the rest of the division.

Despite this success, Asian executives have also left the firm amid the upheaval. In February, Sieg attended the ribbon cutting for two new wealth hubs in Singapore for clients with at least $1 million in assets. One month later, Shyam Sambamurthy, the Asia South region head whose purview included Singapore, resigned after 36 years at Citi. At least five other senior Asia executives have left.

Sieg installed his former colleague from Merrill, Don Plaus, when the private bank's North American head, Hale Behzadi, retired in March. He has also hired Dawn Nordberg to lead client referral efforts between the investment bank and wealth division. Nordberg, a former managing director at Morgan Stanley, will officially join Citi in September. Keith Glenfied, another Merrill colleague, will start in September as global head of investment products.

Here is our running list of senior departures from Citi Wealth. This list was originally published on April 17 and last updated on June 17, 2024.

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