U.S. bank Citigroup (C) has announced that Chief Financial Officer (CFO) Mark Mason will step down in March 2026.
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Mason will be replaced in the CFO role by Gonzalo Luchetti, currently the bank’s head of U.S. personal banking operations. However, Mason is not leaving Citigroup. Instead, he will transition to become a senior executive adviser to Citigroup CEO Jane Fraser.
In his adviser role, Mason will help Citigroup prepare for its Investor Day on May 7 of next year and give guidance on the bank’s strategic initiatives and future direction. Mason has been a key figure in Citigroup’s two-year reorganization, in which the bank simplified its structure, cut 20,000 employees, and embraced technology modernization.
Citigroup’s Shake-Up
The change in the CFO role comes amid a broader reorganization at Citigroup under CEO Fraser’s direction. The New York-based commercial bank said that it plans to integrate its retail bank into its wealth management business.
Additionally, the bank’s U.S. Everyday Banking, Citi Priority, Citigold and Citigold Private Client units are being consolidated into a single new group. With the move, U.S. Personal Banking will no longer be one of Citigroup’s five core businesses. It will be replaced by U.S. Consumer Cards and will combine the bank’s branded cards and retail service businesses.
“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,” said Fraser in a written statement.
Is C Stock a Buy?
The stock of Citigroup has a consensus Moderate Buy rating among 16 Wall Street analysts. That rating is based on 11 Buy and five Hold recommendations issued in the last three months. The average C price target of $114.57 implies 19.31% upside from current levels.
