Citi
executive in charge of implementing bank’s restructuring departs
Citigroup’s
(C.N), opens
new tab Titi Cole, a top executive in charge of implementing its sweeping
restructuring plan, is leaving the bank, an internal
memo seen by Reuters showed on Tuesday. Cole, as the head of legacy franchises,
executed the third largest U.S. lender’s plan to simplify the firm by
completing the sales of consumer banking businesses in nine non-core markets. CEO
Jane Fraser began a sweeping reorganization in September to simplify the bank
and improve performance. Investors have rewarded Fraser with a boost in the
share price since the overhaul began.
In
light of the recent departure of the Citi executive overseeing the bank’s restructuring,
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The
bank has shed legacy businesses in several international markets in recent
years and has plans to offload its Mexico consumer banking unit, Banamex, in
2025 through an initial public offering. Cole, who has spent 30 years at Citi,
is taking the role of an executive director at a non-profit focused on women
and healthcare. Citi also announced Mike Whitaker, head of the bank’s
operations and technology team, is leaving after a 16-year stint at the bank. Tim
Ryan, who most recently led PwC’s U.S. franchise as senior partner, will become
Citi’s head of technology and business enablement. Ryan will also join the
lender’s executive management team.
