Citi lifer and wealth risk MD defects to Goldman Sachs

Working in Citi's wealth division is not for the faint of heart, especially if you're not paid $13m like the division's head Andy Sieg. After 15 years in the division, a managing director (MD) from Citi's wealth management risk team has decided to try his luck elsewhere.

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Juan Guerrero, Citi's global head of wealth credit management in New York, has joined Goldman Sachs as an MD in an undisclosed capacity. Guerrero managed over 200 people as part of the role, and made MD back in 2016 as Latin America regional risk head for Citi's private bank. 

Guerrero is a Citi lifer of sorts. He joined Citibank Mexico's credit underwriting team as a graduate, then worked as the credit officer for the portfolio management team of Mexican institutional banking business, Banamex, after Citi acquired it for $12.5bn. Guerrero then moved to Citi's markets and banking division before winding up at Citi wealth in 2009.

Risk hasn't been easy to manage at Citi Wealth. The bank has faced hundreds of millions of dollars in fines over its risk management and data governance in recent years, with $136m in penalties being issued in 2024 alone. Citi has been revamping the division by hiring senior staff to modernize its technology, although not all its hires last long.

Citi Wealth's issues extend beyond tech. Shortly after Sieg first joined, an inputting error by a Citi employee almost credited a client's account with $81trn instead of $280. It wasn't the only near-costly human error under Sieg's reign, either. Presumably, Guerrero will be hoping for thin-fingered new colleagues at Goldman. 

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