Nigerian Citigroup Executive in Charge of Job Cuts Resigns
Nume Ekeghe
A prominent Nigerian executive at Citigroup, Titi Cole responsible for overseeing the implementation of the bank’s extensive restructuring plan, has resigned to pursue a position at a non-profit organisation.
Cole’s departure marked the loss of one of the most senior Black women in finance within the banking giant.
After four years with Citigroup, Cole’s exit comes shortly after the bank announced the completion of a significant phase of its reorganisation, as unveiled by Chief Executive Officer, Jane Fraser in September.
A statement announcing her departure, stated that alongside Cole, Mike Whitaker, who led the operations and technology teams, was also departing from the bank. Simultaneously, Citigroup is bringing in Tim Ryan, the outgoing US head of PricewaterhouseCoopers (PwC), to lead its technology and legacy franchises teams.
Ryan’s appointment comes after he withdrew from consideration for the global chair position at PwC due to opposition late last year. He had previously announced plans to retire by the end of June, prompting PwC to expedite its US leadership transition, with Paul Griggs taking on the role of US senior partner immediately.
Despite ongoing restructuring efforts, Citigroup is still working towards its goal of eliminating 20,000 jobs, equivalent to roughly 10 per cent of its workforce, by the end of next year. Last month, the bank informed 7,000 employees of job cuts, with additional reductions expected to come from automation in the future.
The extensive layoffs created unrest among employees, despite better-than-expected first-quarter earnings, particularly in investment banking fees, although profits were still down approximately 25 per cent compared to the same period last year.
Fraser, has emphasised the efficiency improvements resulting from the restructuring, including the elimination of upper management layers. However, the creation of Citi’s client division has absorbed thousands of employees.
Cole’s departure also reduces gender diversity within Citigroup’s senior leadership ranks, with CEO Fraser being one of the few senior women remaining. Cole, who joined Citigroup from Wells Fargo four years ago, played a significant role in managing the bank’s exit from consumer banking in numerous countries, although some aspects of this transition remain unfinished.
While Cole’s departure was said to be unrelated to the restructuring, with sources indicating her plans to join a non-profit were in motion before the recent revamp, her exit represents a notable transition within Citigroup’s leadership team amid ongoing organisational changes.
