Citi CFO Mark Mason states the bank is strong and his successor will ‘carry on the momentum’

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Good morning. Citi’s fourth-quarter 2025 results signified a profitable conclusion to 2025 and a leadership turning point, as long-time CFO Mark Mason readies to pass the baton to his successor amidst solid earnings and an ongoing restructuring.

The Q4 net income was $2.5 billion, or $1.19 per diluted share, on $19.9 billion of revenue, down from $2.9 billion, or $1.34 per share, on $19.5 billion a year earlier. On a reported basis (including a Russia-related notable item), an EPS of $1.19 and revenue of $19.9 billion exceeded FactSet estimates of $1.02 and $19.6 billion. On an adjusted basis (excluding the notable item), EPS was $1.81 on $21.0 billion of revenue, ahead of the consensus EPS of $1.65 and revenue of $20.9 billion.

“We ended the year in a strong position, having carried out our strategic priorities,” Citi CFO Mark Mason stated on Wednesday morning during his last quarterly media call as finance chief. The bank announced in November that he would step down in early March. Mason, who joined Citi in 2001 and became CFO in 2019, will take on the role of executive vice chairman and senior executive advisor to chairwoman and CEO Jane Fraser, while Gonzalo Luchetti, head of U.S. personal banking, will succeed him as CFO. I previously reported that his long-term, according to people familiar with the matter.

Mason said Luchetti has achieved 13 consecutive quarters of positive operating leverage in U.S. personal banking, including returns of over 14% in the fourth quarter and over 13% for the full year. “I think he is well-prepared and ready to come in as our newly appointed CFO and continue the momentum,” he said.

Citi said late last year that it would move its retail bank into the wealth business, with the two card businesses to be run together under Pam Habner. Over the remainder of 2026, Mason said he will assist with Citi’s May 7 investor day and other strategic initiatives.

Citi is working towards a previously discussed reduction of around 20,000 roles. “We’ve made progress on that since 2022 and 2023, ending up at 226,000 employees by the end of 2025,” Mason said, adding that he expects the headcount to continue to decline as productivity improves and tools like AI are implemented. It appears that Citi is set to eliminate about 1,