Citigroup has appointed a new chief financial officer as part of a sweeping business overhaul led by chief executive Jane Fraser. The bank announced that Mark Mason will leave the CFO role in March and will be succeeded by Gonzalo Luchetti, who currently leads Citi’s US retail bank.
The move signals another decisive step in Fraser’s restructuring strategy, which she has described as essential for strengthening Citi’s performance after years of trailing rivals. Mason, who has been CFO since 2019, will transition into the position of executive vice-chair and serve as a senior adviser to Fraser.
Gonzalo Luchetti joined Citigroup in 2006 and has nearly two decades of experience across global consumer businesses. He holds an MBA from Stanford and a computer science degree from Argentina’s Technological Institute of Buenos Aires.
Before Citi, Luchetti worked at JPMorgan Chase in strategy and at Bain & Company. At Citigroup, he led consumer banking in Asia and EMEA, digitized card operations, modernized branches, and strengthened risk controls.
Under Luchetti’s watch, U.S. Personal Banking achieved 12 straight quarters of positive operating leverage. The unit posted 14.5% return on tangible common equity in Q3 2025 and 13% year-to-date, more than double prior levels.
Citi also introduced major changes to the structure of its consumer-facing operations as Fraser continues refining the business lines she created two years ago. Under the updated framework, Citi’s retail bank will fold into its global wealth management unit, now led by Andy Sieg.
Kate Luft will take charge of the retail bank, including the Citigold premium offering, and report directly to Sieg. The bank reaffirmed its confidence in Sieg following an investigation into complaints alleging bullying, though Citi declined to share the findings of the probe.
The bank said integrating the retail and wealth businesses would enable “better strategic decision making about investment priorities, footprint and client acquisition efforts.” This alignment supports Fraser’s broader strategy of scaling back international retail operations while expanding Citi’s wealth management footprint globally.
The overhaul comes as part of a multiyear plan that Fraser has said could lead to 20,000 job cuts, marking one of the biggest restructurings at a major Wall Street bank in recent years. Despite initial skepticism, the plan has begun to gain traction among investors as profitability improves.
Citigroup shares have climbed 29% in the past six months, reflecting rising investor confidence in Fraser’s approach. The bank reiterated its expectation of meeting its 2026 return targets, with Fraser stating Citi is ending the year with “confidence that we will meet our 2026 return target.”
Citi recently lowered its 2026 return on tangible common equity goal to 10–11%, down from 11–12%, highlighting the challenges still ahead. The bank will present updated growth plans at an investor day scheduled for May, building on momentum after Fraser received a $25 million retention award and was named chair of the board.
