April 3, 2023
Louis Diamond Quoted
by Jeff Berman
Clearly, Sieg is well respected in the industry and must have come with a “hefty price tag,” Diamond said in an interview.
Citi hasn’t been a major player in the U.S. wealth management space since it began selling its interests in Smith Barney to Morgan Stanley in 2009 — though it did try to make a return a few times since then, Diamond explained. (All of Citi’s stake in Smith Barney became solely owned by Morgan Stanley in 2015.)
The hiring of Sieg represents a major move in the sector. “That’s the story” here that stands out most, according to Diamond.
