Citi CFO Mark Mason, arguably the highest-profile Black executive at a U.S.-based global systemically important financial institution, will step down from his role in early March, the bank announced Thursday.
At that point, Gonzalo Luchetti, now the bank’s head of U.S. personal banking, will become CFO.
Mason, meanwhile, will transition to executive vice chair and senior executive adviser to Citi CEO Jane Fraser, but he intends to pursue leadership opportunities outside the bank by the end of 2026, according to the announcement.
In his adviser role, Mason will help Citi prepare for its investor day May 7 and give guidance on the bank’s strategic initiatives. Mason has been a key figure in Citi’s two-year reorganization, in which the bank set out to simplify its structure, trim its headcount by 20,000 employees by 2026, and embrace tech modernization meant to free it from two 2020 consent orders.
Citi launched further reorganization Thursday, saying it would integrate its retail bank into its wealth business. The move arguably hands more responsibility to wealth chief Andy Sieg.
The bank’s U.S. Everyday Banking, Citi Priority, Citigold and Citigold Private Client labels will be consolidated into a single group led by Kate Luft.
Luft, who has served as head of U.S. retail banking since April, will add “and Citigold” to her title and report to Sieg.
Citi’s branded cards and retail services businesses, meanwhile, will combine as “U.S. Consumer Cards” under Pam Habner.
Habner, who has served as Citi’s head of branded cards and lending since 2020, will join the bank’s executive management team and report directly to Fraser.
“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,” Fraser said Thursday in a statement. “We are ending the year with momentum and confidence.”
Mason’s upcoming transition comes less than a month after Citi threw added support behind Fraser, naming her chair and giving her a $25 million equity award meant to keep her in place for years to come.
Fraser on Thursday called Mason “an invaluable partner” who “models integrity, drive and commitment no matter the circumstances, and has always put the firm first.”
“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,” Fraser said, citing the capitalized term the bank gives its tech modernization.
Mason joined Citi in 2001 and has been CFO since 2019 – but between those benchmarks has served as CEO of Citi’s private bank, CEO of Citi Holdings, and CFO of the bank’s Institutional Clients Group, according to his LinkedIn profile.
“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,” Mason said in a statement Thursday. “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.”
Luchetti joined Citi in 2006 and has served, among other roles, as consumer banking chief for Asia, Europe, the Middle East and Africa, and as global head of wealth management and insurance, according to his LinkedIn profile. He became head of U.S. personal banking in 2021 and on Thursday earned plaudits from Fraser for expanding his segment’s return on tangible common equity to 14.5% for 2025’s third quarter.
“I knew exactly what we needed in our next CFO to build on Mark’s successful tenure,” Fraser said. “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. … Gonzalo is that person.”
