Citi has recently announced changes in its executive team, as reported in an internal memo. Titi Cole, who played a key role in the bank’s restructuring and selling of consumer banking businesses in non-core markets, has left to take a position at a nonprofit. Mike Whitaker, head of operations and technology, is also leaving the bank. In addition, Tim Ryan will be joining Citi as the head of technology and business enablement after previously working at PwC.
The departure of Titi Cole comes shortly after Citi completed most of its reorganization. It was reported that Cole had already planned to leave for a nonprofit even before the bank’s restructuring was announced. Tim Ryan, who was expected to become the global chair of PwC, decided to retire in June instead of taking on the new role.
In September 2023, Citi announced a major restructuring plan to streamline its organization by eliminating various management layers. The bank aimed to focus on elevating leaders in its five main businesses while removing unnecessary positions. CEO Jane Fraser emphasized the importance of making bold decisions to meet the bank’s commitments and deliver its full potential.
During an April earnings call, Fraser mentioned that Citi’s organizational revamp was largely complete. Efforts to automate regulatory processes and enhance data related to regulatory reporting were being intensified to improve efficiency. It remains to be seen how these changes will impact Citi’s operations and performance in the future.
