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

Citi has reportedly announced in an internal memo the departure of two executives, including one who implemented the bank’s recently completed restructuring.

Titi Cole, who was the head of legacy franchises and executed Citi’s plan to sell consumer banking businesses in nine non-core markets, has left to take a role at nonprofit, Reuters reported Tuesday (May 14), citing an internal memo it had seen.

In addition, Mike Whitaker, head of the bank’s operations and technology team, is leaving the bank, according to the report.

In a third change reported Tuesday, Tim Ryan, formerly senior partner at PwC’s U.S. franchise, will become Citi’s head of technology and business enablement and will join the bank’s executive management team, the report said.

Citi did not immediately respond to PYMNTS’ request for comment.

The Financial Times (FT), which also reported on the internal memo and these three changes, said Tuesday that Cole is leaving Citi a month after the bank said it had completed most of its reorganization. Cole had planned to leave the bank for a nonprofit even before Citi’s restructuring was announced, according to the report.

The FT also said that Ryan had been expected to become the global chair of PwC but bowed out after running into opposition. Ryan said earlier that he planned to retire in June, per the report.

Citi said in September 2023 that it was embarking on a major restructuring of its organization that would eliminate a number of management layers.

The bank said the new structure would elevate the leaders of its five businesses while also doing away with a number of positions. It said it would eliminate management layers in its personal banking and wealth management and institutional clients groups, along with regional layers in Asia Pacific, Europe, Middle East, Africa and Latin America.

“I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders,” Citi CEO Jane Fraser said in a Sept. 13 press release.

Fraser said during an April earnings call that the company’s organization revamp is largely complete and that “We are intensifying our efforts such as automating certain regulatory processes and the data related to regulatory reporting.”