Home / Business and Economy / Citi Shakes Up Leadership: New CFO Named Amid Restructuring
Citi Shakes Up Leadership: New CFO Named Amid Restructuring
21 Nov
Summary
- Gonzalo Luchetti will replace Mark Mason as CFO in March 2025.
- Citi's retail bank will integrate into its wealth management business.
- The bank's share price has increased 29 percent in the last six months.
Citigroup is undergoing a significant leadership transition and business overhaul as CEO Jane Fraser continues a high-stakes restructuring. Gonzalo Luchetti, currently heading Citi's US retail bank, is set to become the new Chief Financial Officer in March 2025, succeeding Mark Mason. Mason will move to an executive vice-chair and senior adviser position.
The bank is also reorganizing its business lines, integrating the retail bank, including Citigold, into the wealth management division led by Andy Sieg. This consolidation aims to improve strategic decision-making regarding investments and client acquisition efforts. These changes come as Citi has lagged peers since the financial crisis, with Fraser previously signaling up to 20,000 job cuts.
The restructuring appears to be gaining traction, evidenced by a 29 percent increase in Citi's share price over the last six months and renewed confidence in meeting its 2026 return targets. Fraser's strategy emphasizes a retreat from non-US retail banking and global expansion in wealth management.
