Mark Mason to Depart Citi by End of 2026
Mark Mason, the Chief Financial Officer (CFO) of Citigroup (Citi), is set to leave the bank by the end of 2026. Mason, who has been with the bank since 2019, played a crucial role in Citi’s transformation journey. His departure comes as the bank is working towards achieving its key financial targets for 2026. Mason will step down as CFO in early March and take up the role of Executive Vice Chair and Senior Executive Advisor to CEO Jane Fraser.
In his new role, he will advise on strategic initiatives, including the preparation of Citi for its investor day scheduled for May 7, 2026. Mason’s departure is part of a series of executive and business-line changes announced by Citi on Thursday, which also includes the splitting of its U.S. retail and credit cards business.
Gonzalo Luchetti to Take Over as CFO
Gonzalo Luchetti, who has been with Citi for nearly five years and currently heads the U.S. personal banking division, will succeed Mason as CFO. Having joined Citi in 2006, Luchetti has led several businesses at the bank, including consumer banking in Asia Pacific and Europe, the Middle East, and Africa.
Jane Fraser, CEO of Citi, praised Luchetti, stating that he possesses all the desirable qualities needed for the new CFO, including superb financial acumen, a proven track record for delivering business growth, improved returns, and being a fantastic people manager. Luchetti’s new role will commence once Citi files its 2025 year-end financial reports.
Reorganization of U.S. Personal Banking Business
Alongside these changes, Citi is also reorganizing its U.S. personal banking business. The retail bank will now operate under the wealth umbrella, aiming to strengthen Citi’s competitive position. As part of this restructuring, Kate Luft, who was promoted to U.S. head of retail banking in April, will become the head of U.S. retail banking and CitiGold, reporting to Andy Sieg.
Meanwhile, the U.S. personal banking division, which currently includes retail banking, retail services, and branded credit cards, will now be renamed U.S. Consumer Cards. Pam Habner, Citi’s head of branded cards and lending since 2020, will be in charge of this business.
Citi’s Progress Towards Achieving Key Financial Targets
The bank has been showing promising signs of progress towards its financial targets. During the third quarter, it surpassed Wall Street expectations and reported record quarterly revenue for all five of its business lines. The bank is currently targeting a 10-11% return on tangible common equity by 2026.
CEO Jane Fraser remains optimistic about meeting these targets, stating that the bank is ending the year with momentum and confidence. These strategic changes in executive positions and business organization reflect Citi’s commitment to achieving its financial targets and enhancing its competitiveness in the banking sector.
For more info, click Here
