A significant leadership transition is underway at Citigroup as long-serving Chief Financial Officer Mark Mason prepares to step down, marking the close of a profitable 2025 and the beginning of a new chapter for the banking giant. Mason, who has steered Citi’s finances since 2019, leaves the bank in a “position of strength,” confident that his successor, Gonzalo Luchetti, will continue to build on the momentum.
Citi’s Strong Close to 2025 Amidst Leadership Transition
Citi concluded 2025 with robust fourth-quarter results, underscoring the effectiveness of its ongoing strategic restructuring. The bank reported a net income of $2.5 billion, or $1.19 per diluted share, on revenues of $19.9 billion. While these figures represent a slight dip from the $2.9 billion net income and $19.5 billion revenue reported a year prior, they comfortably surpassed FactSet estimates of $1.02 EPS and $19.6 billion revenue on a reported basis (which included a Russia-related notable item).
Adjusted figures painted an even brighter picture, with EPS reaching $1.81 on $21.0 billion of revenue, outperforming consensus estimates of $1.65 EPS and $20.9 billion revenue. “We ended the year in a position of strength, having executed against our strategic priorities,” Mason affirmed during his final quarterly media call as finance chief.
Mark Mason’s Legacy and the Road Ahead
Mason, who joined Citi in 2001 and ascended to CFO in 2019, will transition to the role of executive vice chairman and senior executive advisor to Chairwoman and CEO Jane Fraser. His departure, announced in November, will see him hand over the financial reins in early March. His successor, Gonzalo Luchetti, currently head of U.S. personal banking, brings a proven track record, having driven 13 consecutive quarters of positive operating leverage in his division, with impressive returns exceeding 14% in Q4 and 13% for the full year.
“I think he is well equipped and armed to come in as our newly appointed CFO and continue the momentum,” Mason stated, expressing full confidence in Luchetti’s capabilities. Mason’s long-term ambition, as previously reported, is to become a CEO, and his new advisory role positions him strategically within the organization.
Strategic Restructuring and Future Vision
Citi’s strategic overhaul extends beyond leadership changes. The bank is actively pursuing a reduction of approximately 20,000 roles, a process that has seen headcount decrease to 226,000 employees by the end of 2025. Mason anticipates this trend will continue as productivity improves and advanced tools like AI are integrated across operations. Recent reports indicate further layoffs, with around 1,000 positions expected to be eliminated this week.
Further strategic shifts include the integration of Citi’s retail bank into its wealth management business, with the two card businesses now consolidated under Pam Habner. Mason will remain involved through 2026, contributing to Citi’s May 7 investor day and other key initiatives, ensuring a smooth transition and continued strategic execution.
Economic Headwinds and Policy Debates
Addressing the broader economic landscape, Mason noted the overall resilience of the consumer. Citi’s predominantly prime card customer base (around 85%) continues to demonstrate sound financial discipline, with spending up 5% year-over-year. However, he acknowledged that lower-FICO consumers are experiencing increased pressure from inflation and rising prices.
A significant policy discussion currently impacting the banking sector is President Donald Trump’s proposal to cap credit card interest rates at 10%. While Mason acknowledged affordability as a crucial issue and expressed Citi’s willingness to collaborate on constructive solutions, he firmly stated, “an interest rate cap is not something that we would or could support.” He argued that such a cap would severely restrict access to credit for those most in need and could have a “deleterious impact on the economy.”
Beyond Citi: Other Notable CFO Appointments
Paramount Welcomes Dennis K. Cinelli as CFO
Dennis K. Cinelli has been appointed CFO of Paramount, a Skydance Corporation (No. 147 on the Fortune 500), effective January 15. Cinelli, who previously served as CFO of Scale AI and held senior finance and operational roles at Uber and G.E. Ventures, succeeds Andrew C. Warren. His appointment marks a significant move for the entertainment giant.
Acentra Health and GTCR Announce New Finance Chiefs
Deborah Ricci has been named EVP and CFO of Acentra Health, a technology and health solutions company. Ricci brings extensive experience from Guidehouse Inc. and previous CFO roles at Constellis, Centerra Group, and A-T Solutions. Meanwhile, Rohan Ranadive has taken the helm as managing director and CFO of private equity firm GTCR, succeeding the retiring Anna May Trala. Ranadive joins from Vista Equity Partners, bringing over two decades of experience from the finance operations sector, including a significant tenure at TPG Capital.
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