This will be an interesting one for Citi. When Jane Fraser became CEO of the bank in 2021, she pledged to change its culture. Now Reuters is reporting on bullying allegations against senior staff. One bad apple, or a culture of enablement?

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Citigroup probes senior IPO banker over bullying claims

Citigroup is investigating workplace harassment allegations against a senior IPO banker, according to a Reuters report citing four people with knowledge of the matter. The people also say Edward Ruff, a managing director in the equity capital markets group, has been on leave since January.

The bank is reportedly looking into at least two instances of alleged abusive behavior by Ruff. One took place in November when he shouted insults at his team at the end of a meeting, according to seven people who were there or were briefed by attendees.

Reuters reports that another employee, an analyst who came up through a diversity program, told a superior that Ruff had insulted and intimidated him during a phone call, telling him he shouldn’t go to HR because they would not be his “friend”.

The complaints come amid a push by Citi to change its culture. When Jane Fraser became CEO in 2021, she pledged to bring empathy to Wall Street, saying it was “foundational to how we deliver for our clients and how we attract and retain talent”.

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