Citi CFO Mason to step down after CEO Fraser’s power consolidation

Management Reshuffle - Mark Mason, CFO of Citi, will be succeeded by Gonzalo Luchetti, head of Citi's US consumer bank, by early March 2024, with Mason leaving the bank at the end of next year [1] - Citi is restructuring its US consumer bank, moving its retail banking unit under the wealth division led by Andy Sieg, while the credit card portfolio and retail services will remain a standalone division under Pam Habner [2] Leadership and Legacy - Mason has been with Citi for 25 years and has served as CFO since 2019, and he is of similar age to CEO Jane Fraser, who has recently been appointed as board chair [3] - Fraser acknowledged Mason's contributions in a note to staff, highlighting his role in the bank's transformation and focus on shareholder returns [4] Strategic Changes and Performance - The management reshuffle occurs at a critical time as Citi aims to improve performance and boost stock prices after years of underperformance compared to rivals [5] - Citi faced a $135 million fine last year for slow progress in enhancing its data management and risk infrastructure, stemming from a 2020 consent order [6] - The bank is working towards achieving a return on tangible common equity (ROTCE) target, having posted an 8% ROTCE as of September, down from an earlier target of 11% to 12% [7]