Citi's short-lived wealth technology head has a new job at Standard Chartered
Sergio Varela didn't last long as head of technology in Citi's wealth business. Appointed last December, he left again in June. Now, he's got a new job elsewhere.
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Sergio Varela has joined Standard Chartered as global head of platforms for its wealth and retail bank. Based in Singapore, he'll be returning to Singapore full-time after his previous role had him split between there and New York.
It's not clear why Varela left Citi. He spent seven years there in multiple roles, including head of wealth and retail bank technology. Neither he nor the bank commented to Barrons at the time of his departure.
Varela may have an easier job at Standard Chartered. Citi's wealth management division allegedly has 'the worst tech on the street'. An audit by Big Four firm EY estimated fixing Citi's wealth tech would cost around half a billion dollars.
Wealth management at Citi is run by Andy Sieg, who took over in September and has been restructuring the division. CEO Jane Fraser has regularly praised his efforts to overhaul the team, but it hasn't been easy.
The team Varela is joining at Standard Chartered, meanwhile, has been doing well. Wealth and retail banking at the British bank made $1.4bn in profit in the first half of 2024, up 2% year-on-year.
Varela previously spent the bulk of his career at Santander. He was its head of digital innovation and architecture, based in London, but moved to Mexico to become head of Technology for the region. He remained in Mexico when he first moved to Citi, relocating to Singapore after three years.
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