Exclusive-Citigroup Investigates Bullying Allegations Against Senior IPO Banker

(CTN News) – According to four sources directly involved in the matter, Citigroup is investigating allegations of workplace harassment against an initial public offering banker.

There are reports that Edward Ruff has been on leave from Citi’s equity capital markets group in New York since January, according to people who asked to remain anonymous so they could speak freely.

As part of the investigation, the bank is checking at least two instances of alleged abusive behavior by Ruff towards several subordinates within the industrials, energy, and power team he runs, the sources said.

The investigation into one incident is ongoing, involving the incident that occurred on Nov. 13, when Ruff shouted insults at his team members after a meeting on the fourth floor of Citigroup’s New York headquarters. Seven people who attended or were briefed by attendees said Ruff shouted insults at them at the end of the meeting.

The two people who heard about the meeting say that Ruff was upset about the fact that two junior bankers were not present when the meeting began. According to them, some of Ruff’s insults were directed at the whole team as well.

After several attempts were made to reach Ruff by phone, text and email, he did not respond.

Citigroup declined to provide details on any investigation launched into Ruff’s case.

Despite the fact that we are not going to comment on individual internal matters, it is important to note that when warranted, when an employee fails to meet our high standards of respect at work, we will terminate him or her.” the spokesperson said.

During our survey, we found that colleagues were willing to raise concerns in private, and if they were substantiated, we will take appropriate action, which may include termination of employment if necessary,” the spokesperson said.

In response to these complaints, Citigroup has pushed to change its organizational culture. With more than thirty years of experience on Wall Street, Jane Fraser became the sole female CEO of a major U.S. bank in 2021, with a pledge to bring empathy to what can be a rough and tumble environment on Wall Street.

Having seen what we had to be capable of delivering for our clients, as well as how we can attract and retain talent, it has been a foundational value for Citigroup, she wrote in a blog post dated October 20, 2021.

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