Citi's CFO Transition and Economic Insights

Citi's Chief Financial Officer (CFO), Mark Mason, has announced his departure from the role, marking a significant shift within the company. Mason, who has been with Citi for over two decades, will step down in early March. He will take on a new position as executive vice chairman and senior executive advisor to the chairwoman and CEO, Jane Fraser. Gonzalo Luchetti, currently the head of U. S. personal banking, will succeed Mason as CFO. Mason's tenure saw the bank reporting a net income of $2. 5 billion for the fourth quarter, with revenue of $19. 9 billion. This is a decrease from the previous year's $2. 9 billion net income on $19. 5 billion revenue. Despite this decline, Citi's earnings per share (EPS) and revenue exceeded analysts' expectations. Mason highlighted the bank's strong position and strategic execution.The bank is also undergoing structural changes, including a planned reduction of about 20, 000 roles by the end of 2025. Mason noted that productivity improvements and the implementation of tools like AI will continue to drive this trend. Additionally, Citi is integrating its retail bank into the wealth business, with the card businesses being run together under Pam Habner. On the economic front, Mason observed that the health of the consumer has remained resilient. However, lower-FICO consumers are feeling more pressure from inflation and higher prices. He also addressed President Donald Trump's proposal to cap credit card interest rates at 10%, stating that while affordability is an important issue, an interest rate cap would restrict access to credit for those who need it most.