A former Citigroup managing director has filed a lawsuit alleging the bank fired her after she raised red flags about a potential wealth-management relationship with a client that the Financial Times has linked to former President Donald Trump. The case, filed in Brooklyn federal court on June 16, cuts to the heart of how major banks navigate the minefield of onboarding politically exposed persons.
The executive, identified in court documents under the pseudonym Jane Doe, claims Citigroup discussed opening a numbered account for the client. Numbered accounts are designed to limit internal visibility into who owns them, effectively reducing the number of eyes that can monitor the account for compliance issues.
What the lawsuit alleges
According to the filing, the former managing director raised concerns in 2025 about the bank’s interest in courting the high-profile client. Her objections centered on the compliance and regulatory risks that would come with such a relationship, particularly if the account structure was designed to shield the client’s identity from standard internal monitoring.
The lawsuit alleges that Citigroup terminated her in retaliation for raising those concerns, which she contends amounted to potential violations of federal securities laws.
