Citigroup has appointed Gonzalo Luchetti, the bank’s head of U.S. Personal Banking since 2021, as its new chief financial officer. Mark Mason will remain in the CFO role until early March 2026, after which he will serve as Executive Vice Chair and Senior Executive Advisor to Chair and CEO Jane Fraser.
Luchetti joined Citi in 2006 and has led the U.S. Personal Banking unit through 12 consecutive quarters of positive operating leverage, delivering a 14.5 % return on tangible common equity (RoTCE) in Q3 2025 and a 13.0 % year‑to‑date figure that more than doubled the prior year’s performance. Mason, who became CFO in 2019, has overseen the bank’s transformation and capital deployment strategy and will now focus on advising the CEO on long‑term strategy.
The CFO transition is part of a broader restructuring that integrates Retail Banking into the Wealth business and establishes U.S. Consumer Cards as a standalone unit. The reorganization is intended to streamline leadership, sharpen focus on high‑margin consumer segments, and accelerate growth ahead of the bank’s Investor Day on May 7, 2026, where the full strategy for the next phase of Citi’s turnaround will be presented.
Citigroup’s Q3 2025 results reinforced confidence in the transition. Adjusted earnings per share rose to $2.24, beating the consensus of $1.89 by $0.35 (18.5 % above expectations). Revenue reached $22.09 billion, up 9 % year‑over‑year and $1.17 billion above the $20.92 billion consensus. The earnings beat was driven by disciplined cost management, strong card metrics, and the continued positive operating leverage in U.S. Personal Banking, while the revenue gain reflected robust demand in core consumer and wealth‑management segments.
CEO Jane Fraser emphasized the strategic fit of the new CFO, saying, “We are ending the year with momentum and confidence that we will meet our 2026 return target. Gonzalo will work tirelessly with the finance team to further Citi’s momentum, and I am fully committed to his smooth transition into the new role.” She added that the leadership evolution is well‑timed to support the bank’s next generation of leaders and to lay out the growth plan at Investor Day.
Market reaction to the announcement was positive, driven by the clear succession plan, the strong Q3 earnings beat, and analyst upgrades that highlighted Citi’s improved execution. Investors viewed the restructuring as a step toward clearer operating structure and enhanced competitive positioning, reinforcing confidence in the bank’s turnaround trajectory.
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