Heads of Citi’s Legacy Franchises, Operations, and Technology Depart

Citi Shuffles Executive Team: Titi Cole Leaves for Nonprofit, Tim Ryan Retires from Banking

Citi has announced some changes to its executive team, with Titi Cole leaving to take a position at a nonprofit and Mike Whitaker also departing from the bank. 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 restructuring. According to sources, Cole had already planned to leave for a nonprofit even before the bank’s restructuring was announced. Meanwhile, 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 aimed at streamlining 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. The bank is intensifying efforts to automate regulatory processes and enhance data related to regulatory reporting in order to improve efficiency. It remains to be seen how these changes will impact Citi’s operations and performance in the future.

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