Business Daily Meets: Fani Titi, Investec CEO

Podcast: Business Daily, BBC World Service
Date: October 9, 2025
Host: Liana Byrne
Guest: Fani Titi, CEO of Investec

Episode Overview

This episode of Business Daily features an in-depth interview with Fani Titi, CEO of the multinational banking group Investec. Host Liana Byrne explores Titi’s extraordinary journey from a childhood of poverty on a South African farm during apartheid, through his academic success, to his bold career moves and challenging leadership at one of South Africa’s leading banks. The episode unpacks issues of personal resilience, business risk-taking, leadership through crises, and the ongoing role of purpose and sustainability in business today.

Key Discussion Points and Insights

1. Early Life Under Apartheid & Family Background

[02:20 – 04:46]

• Titi describes his upbringing on a farm in the Free State province during apartheid, as one of 14 siblings.

• The expectation was lifelong farm labor due to the racial segregation at the time.

• Despite "abject poverty,” Titi highlights the security and values provided by both parents in a functioning family unit.

  “We were blessed to have a functional family ... because when you do have parents, it does create a family structure and values can be transmitted in that program.”
  — Fani Titi [02:52]

• As a middle child, Titi learned a sense of community and responsibility for others.

2. Life-Altering Transition: Leaving the Farm

[04:46 – 06:09]

• An argument between Titi’s father and the farm master leads the family to leave farm labor and move to what he describes as a “labor camp.”
• This move enables Titi and his younger siblings to pursue education—a turning point for the family’s future.
• Education was encouraged by his parents, which “changed the life of the next generation.”

3. Educational Journey and the Power of Mentorship

[06:09 – 07:00]

• Early years away from the farm were challenging due to persistent dehumanization under apartheid, but meeting a teacher who believed in students’ potential was pivotal.
• Strong high school results led to a scholarship from Anglo American to attend the (then segregated) University of Fort Hare, a significant opportunity for black students.

4. Pivot from Academia to Business

[07:00 – 09:07]

• Won a Fulbright to study mathematics at UC Berkeley, then returned as a lecturer.

• Realized that “the life of focused theoretical research was interesting, but not necessarily what I wanted to do.”

  “I loved working with people and ... to achieve more ... I thought I would be able to do so if I worked with people and through people.”
  — Fani Titi [07:20]

• In his 30s, took the risk of cashing in his pension to fund his MBA, moving his family in with in-laws to enable him to study full-time.

  “Right through life at critical moments you probably take decisions based on ... a belief in the future, based on a drive that you can become better. ... Some of my colleagues thought the risk I was taking was simply too high. But I really believed that I could make a success of it, and I went for it.”
  — Fani Titi [08:15]

5. Breaking into Corporate South Africa

[09:07 – 11:28]

• Joined corporate South Africa in 1992, working for a rival bank amid a racially hostile environment.

• The country was in political transition: Mandela’s release, ANC rise, and market volatility.

  “Being in a dealing room at that time when currency would go up and down based on what someone in the ANC said was pretty difficult and tough and hostile.”
  — Fani Titi [09:39]

• Joined the private equity business of Kagiso Trust, helping launch a media company that listed on the Johannesburg Stock Exchange—a landmark achievement for black leadership in business.

6. Board Leadership at Investec During Crisis

[11:28 – 13:07]

• Became a client of Investec, then non-executive director, and later chairman just before the global financial crisis (2007).

• Investec’s conservative capital and liquidity approach allowed the bank to avoid government bailouts during both the financial crisis and COVID-19.

  “We did not have to go to the government for support at all, whether here in South Africa or in the UK where we have a bank.”
  — Fani Titi [12:13]

7. Becoming CEO in a Tumultuous Era

[14:17 – 16:44]

• Assumed the CEO role in 2020, soon facing COVID-19 and overseeing a major corporate restructuring: splitting asset management from banking/wealth management.

• Discussed the challenges of layoffs and restructuring, including the emotional difficulty of remote layoffs during COVID.

  “We care very deeply about our people. So these were decisions that were most painful ... I remember when we decided to exit our business in Australia ... at 3am South African time we were on Teams talking to people about their future.”
  — Fani Titi [15:23]

• Investec shrank its footprint to focus on sustainable growth, losing about 11% of its workforce as part of a long-term strategic vision.

8. South Africa’s Economic Challenges & Global Volatility

[16:44 – 17:48]

• South Africa’s economy has seen tepid growth (around 1% per year over the last decade), with 33% unemployment (youth unemployment over 50%).

• Global economic growth is hampered by deglobalization and trade tariffs.

  “Tariffs are but one element of the conundrum of challenges that face world economies and businesses.”
  — Fani Titi [16:58]

9. Sustainability, Purpose, and the Role of Business

[17:48 – 19:09]

• Titi spearheaded Investec’s commitment to sustainability, joining UN initiatives for a net-zero transition by 2050.

• Recognizes recent global policy retreats from sustainability but maintains belief in long-term corporate recommitment:

  “Our values and our purpose require us to continue to work ... I have no doubt that corporates and those with resources will recommit to sustainability, will recommit to climate change, will recommit to inclusion and a fairer and more equal society.”
  — Fani Titi [17:58]

Notable Quotes

• On family and resilience under apartheid:
  “Despite the poverty, despite the harshness of the farm labor system, despite the issues around apartheid, at least we were blessed to have a functional family that we grew in.”
  — Fani Titi [02:52]

• On taking risks and self-belief:
  “Success was not in any way guaranteed. ... But I really believed that I could make a success of it, and I went for it.”
  — Fani Titi [08:15]

• On difficult leadership decisions:
  “There are hard decisions you have to make from time to time.”
  — Fani Titi [16:44]

• On the future of sustainability in business:
  “In the long term, I have no doubt that corporates and those with resources will recommit to sustainability, will recommit to climate change, will recommit to inclusion and a fairer and more equal society.”
  — Fani Titi [17:58]

Timestamps for Key Segments

• Fani Titi’s Childhood & Family: [02:20–04:46]
• Leaving the Farm and Access to Education: [04:46–06:09]
• Academic Success and Fulbright Story: [06:13–07:20]
• Switch from Academia to Business: [07:20–09:07]
• Experiences in Early 1990s Corporate South Africa: [09:07–11:28]
• Investec Leadership and Crises: [12:04–13:07]
• Becoming CEO during COVID and Restructuring: [14:17–16:44]
• South Africa’s Economic and Social Difficulties: [16:44–17:48]
• Sustainability and Corporate Purpose: [17:48–19:09]

Memorable Moments

• The family’s escape from generational farm labor due to a single dramatic event [04:52].
• Winning a Fulbright and experiencing life at UC Berkeley [07:00–07:20].
• The risk of cashing in his pension for business school, despite skepticism from peers [08:15].
• His pride in helping list a black-managed media company on the Johannesburg Stock Exchange [11:20].
• The emotional cost of making job cuts—especially remotely during COVID [15:23].
• Fani Titi’s vision of long-term recommitment by business to sustainability and social impact [17:58].

This episode offers inspiring lessons in resilience, leadership, and social responsibility, illustrating Fani Titi’s remarkable life story and his measured optimism about the future of business and society.