He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank’s CEO. Sieg will begin his new role in September, as he is required to take a six-month leave before starting the new position, according to an announcement from Fraser.
“Growing Wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns,” Fraser said in the announcement. “In my conversations with Andy, it is clear to him that our team is on a mission to transform Citi — and he is highly driven and motivated to play a central role in our firm’s leadership.”
Previously, Sieg was president of Merrill Lynch Wealth Management, a post he’s held for six years. He was also a member of Bank of America’s executive management team. The bank acquired Merrill during the throes of the great financial crisis.
Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management. They will report to Bank of America CEO Brian Moynihan.
–CNBC’s Hugh Son contributed reporting.