Citigroup’s wealth-management division is maintaining a cautiously optimistic view on the long-term prospects of the tech sector. Head of Wealth at Citi, Andy Sieg says the bull market still looks strong because investors remain calm, even as the stocks of big tech companies decline.
The S&P 500 is down approximately 2% this month, and investors have begun questioning AI company stocks due to their unstable prices. Big tech companies lost value, and Nvidia initially rose, but then dropped before things improved slightly.
The backdrop for Citi’s cautious optimism is a sharp downturn in major tech names this month. The S&P 500 is down nearly 4.4%, on pace for its worst November since 2008, as AI-related stocks undergo a broad reassessment. Nvidia, once a poster child for the AI boom, has fallen around 11% in November, despite delivering strong quarterly earnings.
Other heavyweight tech names are under pressure too — Microsoft and Amazon declined following downgrades and mounting concerns over lofty valuations. On November 19, the S&P 500 recorded its fourth straight session of losses, slipping 0.8%, while the tech-heavy Nasdaq fell 1.2%, highlighting just how much investor sentiment has turned.
Citi Wealth is growing because rich clients are putting in more new money than ever before
Andy Sieg said many rich clients don’t want to lose money now that the market is uncertain, so they use investment products like structured notes to prevent big losses and still make a profit. He explained that the bull market still has room to grow because investors aren’t buying stocks recklessly just because the prices have dropped, as expected when a market boom comes to an end.
Sieg joined Citi in 2023 from the Bank of America and wants the bank to stop focusing on simply giving business loans and turn towards helping clients grow and manage their investments. He has made so many changes to the bank’s operations that the amount of client investments grew by 14% compared with the same time last year. Inflows also reached $37.1 billion in the first nine months of the year, and this shows just how much clients trust Citi to help them grow their money.
Citi’s wealth business is more popular in Asia because most of the bank’s money comes from this region, especially Chinese clients. The bank also gets strong inflows from non-resident Indians who live in Singapore, Dubai, and London.
Citi is still committed to its Citigold business in Asia, even though it left some consumer banking markets like China, India, and Taiwan, as the bank serves clients who have about $200,000 in assets.
The bank also wants to combine its retail banking division in the U.S. with the wealth division, and Kate Luft will head this new merger and report to Andy Sieg. Citi will be able to give clients all the services they need in one place and build a global wealth business that protects their customers’ money.
Citi is making big changes quickly to make its wealth business stronger
The bank is cutting 20,000 non-essential jobs to reduce costs and focus on areas that make the most money or have the most potential. However, it still trades below book value, so it needs to show investors that its plan is working and that it can create more value for them over time.
Citi is also struggling with leadership because claims about Andy Sieg’s management style forced the bank to hire an outside law firm, Paul Weiss, to investigate the allegations. CEO Jane Fraser said she is “comfortable” with the findings of the investigation, showing that the claims do not interfere with the changes being made.
Siege also said the claims were false and that they have not stopped the wealth division from growing and producing strong results like the $37.1 billion in new money from clients in the first nine months of the year. The company also increased investment assets by 14% compared with last year, so the results speak for themselves.
Citi’s wealth business is growing steadily, even with the unstable market, as its new investment assets have been increasing consistently from 2023 to 2025. The bank aims to grow in the long term, bring in new clients, and help them protect and grow their money safely, even when the market goes up and down.
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