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Citigroup Inc. (NYSE:C) has appointed a new Chief Financial Officer and reshuffled other executive positions as part of a reorganization of its U.S. personal banking business.
Gonzalo Luchetti, the current head of U.S. personal banking, will take over as CFO in March. Mark Mason, the current CFO, will move into a new role as executive vice chair and senior executive advisor to CEO Jane Fraser. Luchetti has been with Citi since 2006, while Mason joined in 2001 and has served as CFO since 2019.
As part of the overhaul, the bank is combining its retail operations with its wealth business, with wealth head Andy Sieg taking on broader responsibilities. The new U.S. Retail Banking and Citigold division will be led by Kate Luft, now head of retail banking.
In addition, Citigroup is consolidating its branded cards and retail-services operations into a single unit called U.S. Consumer Cards, to be overseen by Pam Habner, who now runs branded cards and lending at JPMorgan Chase (NYSE:JPM).
The reorganization comes on the heels of Citigroup’s strong Q3 earnings, which saw the bank posting better-than-expected earnings and a 9% year-over-year increase in revenue.
This performance led to analysts increasing their forecasts and expressing confidence in Citigroup’s turnaround story. Keefe, Bruyette & Woods analyst David Konrad hiked the price forecast for Citigroup to $118 from $112, while maintaining an Outperform rating.
These recent changes in leadership and business structure indicate a strategic shift within the bank, potentially signaling further growth and development in the future.
Benzinga's Edge Rankings place Citigroup in the 26th percentile for quality and the 54th percentile for value, reflecting its average performance in both areas. Check the detailed report here.
Price Action: Citigroup stock surged 39.59% on a year-to-date basis, as per data from Benzinga Pro. On Thursday, it fell 2.20% to close at $97.63.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
