A former managing director at Citigroup filed an anonymous lawsuit in Brooklyn federal court on June 15, 2023, claiming she was fired in retaliation for raising regulatory and compliance concerns about a new client account [1, 2].
A source familiar with the case said the client in question was US President Donald Trump. The plaintiff had objected to opening a numbered bank account designed to restrict internal access to the client's identity, raising potential compliance risks [1, 2].
The executive alleged violations of federal securities laws and identified shortcomings in Citigroup’s internal controls including risk management, anti-money laundering, reputation risk, and data compliance procedures [1, 2].
Citigroup denied all allegations, calling the lawsuit "absolutely zero merit" in a statement and court filings dated June 16, 2023 [1, 2]. The bank asked the court to reveal the plaintiff’s identity, claiming she had publicly criticized Citigroup before filing suit and describing her as "one of a limited number of individuals with knowledge the political figures were opening accounts at Citi" [2].
The White House did not respond to requests for comment on the lawsuit and the client's identity [1, 2].
The litigation is ongoing, with the identity disclosure issue expected to be addressed in upcoming court proceedings.