Key insight: Citi CFO Mark Mason will depart the bank by the end of next year.
What’s at stake: Incoming CFO Gonzalo Luchetti will take over as the megabank pursues key financial targets in 2026.
Forward look: The bank is also slimming down its U.S. personal banking business, and moving retail banking under the wealth umbrella.
Citigroup on Thursday announced several executive and business-line changes, including a switch in chief financial officers and the splitting up of its U.S. retail and credit cards business.
Mark Mason, Citi’s CFO since 2019 and a key contributor to its yearslong turnaround story, will leave the company by the end of 2026 to pursue “leadership aspirations outside of Citi,” the bank said in a press release. Mason, 56, will step away as CFO in early March and become Citi’s executive vice chair and senior executive advisor to CEO Jane Fraser, with responsibility for “advising on strategic initiatives,” including preparing Citi for its investor day on May 7, 2026.
Gonzalo Luchetti, Citi’s head of U.S. personal banking for nearly five years, will succeed Mason as CFO, the bank said. Luchetti, who joined Citi in 2006, has led several businesses at the bank, including consumer banking in Asia Pacific and Europe, the Middle East and Africa.
In a statement, Fraser ticked off several must-haves for a new CFO, including “superb financial acumen,” “a track record for delivering business growth and improved returns” and “a great people manager” who would also “be a partner to me as we chart the next chapter for Citi.”
Luchetti will take over as CFO after Citi files its 2025 year-end financial reports, the bank said.
Fraser credited Mason for his work on Citi’s risk management overhaul, which has required an expensive top-to-bottom makeover following years of mishaps and regulatory consent orders.
“Mark has proven himself to be a leader for all seasons, having helped Citi navigate some of our most challenging times and being a driving force behind the results we are now seeing in our performance” as well as transforming the bank’s risk management function, Fraser said.
Alongside Luchetti’s shift in roles, Citi said it is revamping U.S. personal banking, one of its five core businesses. The segment, which currently includes retail banking, retail services and branded credit cards, will now include branded cards and retail services only, and be renamed U.S. Consumer Cards. Pam Habner, Citi’s head of branded cards and lending since 2020 and American Banker’s No. 22 Most Powerful Woman in Banking this year, will run that business.
Habner will report to Fraser and join the bank’s executive management team, the bank said. Prior to joining Citi in 2020, she worked at JPMorgan Chase and American Express.
Meanwhile, Citi’s retail bank will be folded into its wealth business, which is overseen by Andy Sieg, the bank said. 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, and she will report to Sieg, the bank said.
The move to integrate the retail bank into the wealth unit is meant to “strengthen Citi’s competitive position across the client continuum, with one unified U.S. team working across” various wealth and retail banking areas, including Citigold and Citi Private Client, Citi said.
The changes come as Citi appears to finally be turning a corner in delivering consistently strong financial results. During the third quarter, it surged past Wall Street expectations and reported record quarterly revenue for all five of its business lines. Executives remained confident that the long-underperforming bank would be able to achieve a key profitability metric next year.
The bank is targeting a 10-11% return on tangible common equity.
On Thursday, Fraser stuck to those expectations.
“We are ending the year with momentum and confidence that we will meet our 2026 return target,” she said in the release.
