Citi CFO Transition Names Luchetti as Successor
Citi CFO transition names Gonzalo Luchetti and reshapes U.S. personal banking, a change that could shift investor positioning toward franchise efficiency.
KEY TAKEAWAYS
- Citi named Gonzalo Luchetti as CFO, succeeding Mark Mason in March 2026.
- The bank will fold Retail into Wealth and create a U.S. Consumer Cards unit.
- Restructuring aims to streamline services and support Citi's 2026 ROTCE target of 10–11%.
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On Nov. 20, 2025, Citigroup (C) announced that Mark Mason will move to Executive Vice Chair in March 2026, with Gonzalo Luchetti succeeding him as CFO as the bank restructures its U.S. personal-banking operations.
CFO Succession and Business Restructuring
Citigroup said in a press release at 4:18 p.m. ET that Mason will remain CFO until early March 2026, then become Executive Vice Chair and Senior Executive Advisor to CEO Jane Fraser. In this advisory role, Mason will focus on strategic initiatives and help prepare for the company’s upcoming Investor Day. Mason has served as CFO since 2019.
Gonzalo Luchetti, who has led Citi’s U.S. Personal Banking unit and joined the bank in 2006, will take over as CFO in March 2026.
The bank is reorganizing its U.S. personal banking business by integrating the Retail Bank into the Wealth division. U.S. Everyday Banking and Citigold will be consolidated under Kate Luft, who will become Head of U.S. Retail Banking and Citigold. Meanwhile, Branded Cards and Retail Services will merge into a new U.S. Consumer Cards unit led by Pam Habner. Habner will join the executive management team and report directly to Fraser.
This restructuring aims to streamline services, enhance growth, and support Citi’s 2026 return on tangible common equity (ROTCE) target of 10–11%. The changes place everyday banking and premium wealth clients under a single line of responsibility and consolidate consumer-card businesses under one leader, aligning both customer segments closer to the bank’s wealth-management platform and elevating cards as a distinct U.S. consumer franchise.
CEO Jane Fraser said, “We are ending the year with momentum and confidence that we will meet our 2026 return target.”
