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Citi documents cite multiple problems inside $515bn wealth unit

Fixing Citigroup’s wealth business won’t be easy for CEO Jane Fraser and Andy Sieg, the unit’s head.
Fixing Citigroup’s wealth business won’t be easy for CEO Jane Fraser and Andy Sieg, the unit’s head. Photo: Hollie Adams/Bloomberg

Citigroup’s wealth management business is struggling to deliver even its most fundamental services efficiently, prompting a “deterioration” in client trust, according to details from an internal audit reviewed by Financial News sister title Barron’s. 

The previously unreported results of a review the bank conducted with consulting firm EY this year show Citi’s wealth management arm is lagging behind competitors in core parts of the business. 

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