Citigroup Chief Executive Officer Jane Fraser stated that she is satisfied with the bank's investigation results regarding the wealth business executive, noting the division's strong performance.

"We took this matter seriously and investigated it thoroughly. I am very satisfied with our conclusions," Fraser said.

As reported in August, Citigroup hired law firm Paul Weiss earlier this year to investigate complaints regarding the conduct of wealth management head Andy Sieg. The investigation has now been completed.

Sieg, a former Bank of America senior executive, was a high-profile hire by Fraser as part of her efforts to transform Citigroup. Since joining nearly two years ago, Sieg has reportedly faced employee complaints alleging intimidation and unfair treatment.

The wealth management division has demonstrated strong performance despite the internal challenges that prompted the investigation.