Last year, Citigroup CEO Jane Fraser put Titi Cole in charge of a formidable mission: to help streamline Citi by winding down or selling its consumer banking operations in 14 countries, affecting the jobs of 65,000 employees.
Eighteen months later, Cole is more than halfway there.
As Head of Citi's Legacy Franchises Group, Cole has already brokered agreements to sell the bank's retail divisions in Australia, Bahrain, India, Malaysia, the Philippines, Taiwan, Thailand and Vietnam. And a sale of Citi's Indonesian consumer banking division is expected to close later this year, Cole said.
Cole, who has spent over two decades in banking, said her role requires constant travel.
"I'm an empty nester, so that helps," she said.
But Cole also describes it as the most fulfilling job she's ever had, in part because of her efforts to assist workers who have been affected by the bank's exits.
"We're talking about a job change for over 65,000 people that they didn't ask for," Cole said.
She said she prioritizes placing those employees at jobs with the acquiring bank. "One of the things we looked for in our buyers is how they would treat our employees," Cole said.
In Taiwan, for example, she said about 3,000 former Citi employees are moving on to roles at DBS Bank, putting the attrition rate for Citi's employees there at less than 10%.
Most of the deals take one to two years to close. Cole commended employees for continuing to perform their jobs amid the distractions. She said her team often meets with these employees and assures them that Citi is seeking buyers that will offer wages and benefits that will be on par with their current earnings.
Cole will have to navigate some tricky geopolitical situations while she works toward fulfilling the rest of her mission. Citi still must find a buyer for its retail banking operations in Poland and is winding down operations in China, Russia and South Korea without finding a buyer.
"Given the war in Ukraine, finding a buyer in Russia is nearly impossible," Cole said, adding she has been unable to visit Citi's Russian division. The war has also delayed efforts in Poland.
In Mexico, Citi decided to scrap a proposed $7 billion dollar sale of its consumer banking division Banamex to Grupo Mexico. Instead, the Mexican consumer arm will be spun off in an initial public offering. Citi announced in May that it would likely complete the IPO in 2025.
Cole has already made her mark at Citi as its first Black female senior executive. She also co-leads Citi Women, an international network for the bank's female employees and allies that has roughly 20,000 members. She is particularly focused on leading discussions about the barriers that have kept women and other underrepresented groups in banking from leadership roles.
Cole is not sure about her next move, but she plans to continue working with Citi, especially with Fraser at the helm.
"In this industry, there is always the next. I will trust that my boss will have a lot of interesting things for me to consider," Cole said.
