Citi announced a significant leadership transition, with longtime Chief Financial Officer Mark Mason preparing to exit the role in early March 2026. Following a structured transition process, Gonzalo Luchetti, who has served as Head of U.S. Personal Banking since 2021, will become the next CFO. Mason will assume the role of Executive Vice Chair and Senior Executive Advisor to Chair and CEO Jane Fraser, supporting strategic initiatives and preparations for Citi’s upcoming Investor Day.
As part of this shift, Citi is also realigning its U.S. Personal Banking operations. Retail Banking and the U.S. Citigold tiers will be integrated into the Wealth business, creating a unified organization across Everyday Banking, Citi Priority, Citigold, and Citigold Private Client. Kate Luft will lead the combined group as Head of U.S. Retail Banking and Citigold, reporting to Andy Sieg.
Citi’s Branded Cards and Retail Services units will be consolidated into a new standalone business called U.S. Consumer Cards. It will be led by Pam Habner, who will become a member of the firm’s Executive Management Team and will report directly to Fraser. The reorganization is designed to streamline operations, enhance competitive positioning, and enable more aligned decision-making across key client segments.
Mason, who joined Citi in 2001 and became CFO in 2019, played a central leadership role across the firm’s strategic and operational evolution. He held senior roles across institutional banking, wealth management, and the Citi Private Bank, and helped drive Citi’s Transformation initiatives and shareholder return strategy. Mason initiated the timing of his transition to ensure continuity through the next phase of Citi’s long-term growth plan. He will support Luchetti closely as the new finance chief prepares to assume full responsibilities following the filing of the 2025 year-end financial results.
Luchetti brings nearly two decades of Citi experience, including senior roles across regions and functional leadership in finance, strategy, and global consumer businesses. Under his leadership, U.S. Personal Banking delivered 12 consecutive quarters of positive operating leverage and expanded returns, including 14.5 percent RoTCE in the third quarter of 2025. He oversaw significant digital enhancements across Citi’s card franchises, modernization of the branch footprint, and strengthened risk and control processes.
The integration of Retail Banking into Citi’s Wealth business is intended to unlock growth synergies across relationship tiers and unify management of consumer deposit activities. Luft, who joined Citi in 2008 and has held senior leadership roles across multiple geographies, previously led Products and Segments, Consumer Operations, and, most recently, Retail Banking within U.S. Personal Banking.
Habner will lead U.S. Consumer Cards, now one of Citi’s five core businesses. She oversees a portfolio serving more than seventy million U.S. customers and partnerships with prominent brands, including American Airlines and Costco, both of which she helped expand and reposition. Under her leadership, Citi launched the Strata rewards credit card family and scaled its personal loans franchise. Her prior experience includes senior roles at American Express and JPMorgan Chase.
Citi continues to position itself for long-term growth as a global financial institution with operations in more than 180 countries and a leading presence across institutional banking, wealth management, and personal banking in the United States.
KEY QUOTES:
“We are ending the year with momentum and confidence that we will meet our 2026 return target. 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.”
“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 and our Transformation. He has been an invaluable partner to me as we made progress delivering on our strategy, strengthening our performance and ensuring a focus on shareholder returns. He models integrity, drive and commitment no matter the circumstances, and has always put the firm first.”
“We have a diligent talent management process in place to ensure we have a strong bench to call on for leadership roles at Citi, and I knew exactly what we needed in our next CFO to build on Mark’s successful tenure. In addition to the table stakes requirement of superb financial acumen, it must be someone who is strategically minded, data driven, analytical, and an excellent operator. We need a person with a track record for delivering business growth and improved returns while expertly managing the balance sheet and ensuring prudent credit risk management. The role requires a great people manager and strong resource for the rest of the leadership team. Most importantly, I want someone who will be a partner to me as we chart the next chapter for Citi. Gonzalo is that person.”
Jane Fraser, Chair and CEO, Citi
“Serving as CFO for the last seven years and contributing to a leadership team that is redefining expectations for Citi stands as one of the most demanding and fulfilling chapters of my career. I feel a deep sense of pride in the role I played to reorient our strategy to deliver enhanced shareholder returns and in helping the firm build a track record of delivering on the commitments we have made. I know that Gonzalo will work tirelessly with the strong team we’ve built across Finance to further Citi’s momentum, and I am fully committed to his smooth transition into the new role. I also look forward to supporting Jane and the firm in my new capacity over the course of next year, and when I embark on my next chapter after my time at Citi concludes, I will be cheering on the firm’s continued success.”
Mark Mason, Chief Financial Officer, Citi
