Citi Announces CFO Transition Plans and Changes to U.S. Personal Banking Business

Core Insights - Citi is transitioning its Chief Financial Officer role from Mark Mason to Gonzalo Luchetti, effective March 2026, with Mason becoming Executive Vice Chair and Senior Executive Advisor [1][2][6] - The U.S. Personal Banking business will undergo significant restructuring, integrating Retail Banking into the Wealth business and establishing U.S. Consumer Cards as a standalone entity [4][5][10] CFO Transition - Mark Mason will remain in his role until early March 2026, after which he will focus on strategic initiatives and support the new CFO [2][6] - Gonzalo Luchetti, currently Head of U.S. Personal Banking, has a strong background in finance and strategy, having been with Citi since 2006 [3][9] - Luchetti's leadership has resulted in 12 consecutive quarters of positive operating leverage and a return on tangible common equity (RoTCE) of 14.5% in Q3 2025, more than double the previous year [9] U.S. Personal Banking Changes - The integration of Retail Banking into the Wealth business aims to enhance Citi's competitive position and streamline management across various customer tiers [10] - Kate Luft will lead the newly formed U.S. Retail Banking and Citigold, reporting to Andy Sieg, to accelerate growth and improve strategic decision-making [4][10] - U.S. Consumer Cards will be led by Pam Habner, who has a track record of launching innovative products and managing a large customer portfolio [5][11] Leadership Comments - CEO Jane Fraser expressed confidence in the leadership transition, emphasizing the importance of having a strong team in place ahead of the upcoming Investor Day on May 7, 2026 [6][12] - Mason highlighted his pride in his contributions to Citi's strategy and performance during his tenure as CFO [8][9]