Stay informed with free updates
Simply sign up to the US companies myFT Digest — delivered directly to your inbox.
Citigroup has named a new chief financial officer as part of a leadership shake-up and overhaul of its business lines as the Wall Street bank continues a high-stakes restructuring led by chief executive Jane Fraser.
Mark Mason will step down from the role in March and be replaced by Gonzalo Luchetti, the head of Citi’s US retail bank, the company said on Thursday.
Citi also announced organisational changes to some of the business lines Fraser created two years ago. Under the new structure, Citi’s retail bank will be integrated within its wealth management business, led by Andy Sieg.
Its retail bank, which includes the higher-tier service Citigold, will be led by Kate Luft, who is set to report to Sieg. Citi has backed Sieg following a probe into his conduct that had been sparked by several complaints about alleged bullying.
The bank has declined to give any information about the outcome of the investigation.
Citi on Thursday said the combination of the retail bank and the wealth business would allow for “better strategic decision making about investment priorities, footprint and client acquisition efforts”.
The surprise reshuffle comes amid Fraser’s reorganisation of the bank, which has lagged its peers since the financial crisis. She has previously said the changes would lead to 20,000 job cuts.
The plan has started to win over sceptics this year as Citi has improved profitability and its share price has rallied. The stock has risen 29 per cent in the past six months.
Fraser’s strategy has centred on retreating from retail banking outside of the US and growing in wealth management globally.
Mason, who became the bank’s chief financial officer in 2019, will become Citi’s executive vice-chair and a senior adviser to Fraser.
She said Citi was ending the year with “confidence that we will meet our 2026 return target” and that it would update investors about its future growth plans at an investor day in May.
The Scottish chief executive last month received a $25mn retention award along with the additional title of chair of Citi’s board of directors.
The Wall Street bank previously lowered its 2026 return on tangible common equity target — a crucial measure of banks’ profitability — to a 10-11 per cent range, down from a previous 11-12 per cent.
