#money #bloomberg #interview Citi Head of Wealth Andy Sieg
About Andrew Sieg
Andy Sieg, head of wealth at Citigroup, has said that the global wealth management industry is undergoing a "more profound set of changes" than in the prior three decades, citing a generational wealth transfer and smaller families receiving larger balances. He stated that the firm is focused on clients whose businesses and families cross jurisdictions, and that Citi's global network allows it to serve wealth creation around the world. Sieg described the private bank as the "crown jewel" of the business and said the firm had flattened its structure and increased focus there. He also said that Citi had "redoubled" its client focus in China and that its strategy for the country had not changed despite selling its onshore consumer wealth portfolio, with the firm now serving that market exclusively offshore from Singapore and Hong Kong. Regarding market conditions, Sieg said in April 2025 that the US was undergoing a "tectonic shift in policy" on trade and that it was "not a time to add to risk assets." He has stated that despite fears of "balkanization," globalization remains in place. Sieg has also said that artificial intelligence will not displace financial advisers, but that advisers who use AI will displace those who do not. He described ESG as a topic that is "not of right or left" but about what is "modern" in client dialogue, noting that the firm has conversations with clients about both Christian values portfolios and environmental leanings.