Citi Announces CFO Transition and Folds Retail Bank Into Wealth Management

Citi announced changes to its leadership team and structure as it works to continue increasing its shareholder returns.

Mark Mason will transition out of the role of chief financial officer in March 2026, according to a Thursday (Nov. 20) press release . He will then become executive vice chair of Citi and senior executive adviser to Chair and CEO Jane Fraser .

Mason initiated this transition “to ensure that Citi’s next CFO is in place for the next phase of Citi’s growth trajectory” and said he “intends to pursue his leadership aspirations outside of Citi by the end of 2026,” the release said.

Mason will be succeeded in the CFO role by Gonzalo Luchetti , who joined Citi in 2006 and has served as the bank’s head of U.S. Personal Banking since 2021, according to the release.

During his time as head of U.S. Personal Banking, Luchetti led that business to 12 consecutive quarters of positive operating leverage and, year to date, a more than doubling of its return on tangible common equity (RoTCE) compared to the previous year. He also digitized Citi’s card franchises, modernized its branch network, and strengthened risk and controls, per the release.

Citi will also integrate its Retail Bank into its Wealth business, the release said. The U.S. Everyday Banking, Citi Priority, Citigold and Citigold Private Client relationship tiers will be consolidated into a single group that will be led by Kate Luft , who will become head of U.S. Retail Banking and Citigold, reporting to Andy Sieg .

Integrating these businesses will “strengthen Citi’s competitive position across the client continuum” by realizing more synergies across relationship tiers and unifying management of its consumer deposit-taking franchises, according to the release.

In addition, Citi will combine its Branded Cards and Retail Services businesses to form U.S. Consumer Cards, a business that will be led by Pam Habner , who has served as head of Branded Cards and Lending for Citi since 2020, per the release. Habner will report to Fraser and join the firm’s executive management team.

The new U.S. Consumer Cards business will become one of Citi’s five core businesses, the release said.

“We are ending the year with momentum and confidence that we will meet our 2026 return target,” Fraser said in the release. “This evolution of our leadership team and structure is well timed as it puts in place our next generation of leaders ahead of our upcoming Investor Day, when we will lay out our plans to further grow our returns.”

Citi embarked on a major restructuring of its organization in September 2023, with Fraser saying she was “determined that our bank will deliver to our full potential.”

PYMNTS reported in October that Fraser’s multiyear effort to rebuild Citi into a leaner, technology-driven institution was beginning to deliver results. During the third quarter, each of the bank’s five core businesses posted record quarterly revenues.