Good morning. Citi’s fourth-quarter 2025 results mark the approach to 2025 profitability and a turning point for its leadership, as longtime CFO Mark Mason prepares to hand over the reins to his successor amid solid earnings and an ongoing restructuring.
this bank report Fourth-quarter net income was $2.5 billion, or $1.19 per diluted share, on revenue of $19.9 billion, down from $2.9 billion, or $1.34 per share, on revenue of $19.5 billion in the same period last year. Earnings were $1.19 per share on revenue of $19.9 billion, beating FactSet forecasts of $1.02 and $19.6 billion, according to the report, which included noteworthy Russia-related items. Adjusted earnings, excluding noteworthy items, were $1.81 per share on revenue of $21.0 billion, beating consensus estimates of $1.65 per share on revenue of $20.9 billion.
“We ended the year in a strong position, executing on our strategic priorities,” Citi Chief Financial Officer Mark Mason said Wednesday morning during his final quarterly media call as treasurer. The bank announced in November that he would step down in early March. Mason, who joined Citi in 2001 and became chief financial officer in 2019, takes over as executive vice chairman and senior executive adviser to Chairman and CEO Jane Fraser, who will be replaced as chief financial officer by U.S. personal banking chief Gonzalo Luchetti. I previously reported on his long-term Ambition is to become CEOAccording to people familiar with the matter.
Mason said Lucchetti has driven U.S. personal banking to achieve positive operating leverage for 13 consecutive quarters, including a fourth-quarter return of more than 14% and a full-year return of more than 13%. “I think he is well prepared and equipped to serve as our newly appointed chief financial officer and continue this momentum,” he said.
Citi said late last year it would shift its retail banking business toward its wealth business, with the two card businesses operating together under Pam Habner. Mason said that for the remainder of 2026, he will help Citi with its May 7 Investor Day event and other strategic initiatives.
Citi is working toward a previously discussed goal of cutting about 20,000 employees. “We’ve made progress on this since 2022 and 2023, reaching 226,000 employees by the end of 2025,” Mason said, adding that he expected headcount to continue to decline as productivity improves and tools like artificial intelligence are implemented. it has been reported Citigroup is preparing to cut about 1,000 jobs this week, following previous rounds of layoffs.
Regarding the economy, Mason said overall, consumer health remains resilient. He explained that Citi’s main premium card customer base (about 85%) showed solid financial discipline, with spending increasing 5% year-over-year, but consumers with lower FICO were feeling greater pressure from inflation and rising prices.
President Donald Trump’s proposals as big banks report earnings Credit card interest rates are capped at 10% has become a key topic. Mason said there were not enough details yet to speculate, but he called affordability an important issue and said Citi looked forward to working with the government on constructive solutions.
“I would also say that we would not or be able to support an interest rate cap,” he said, arguing that it would limit access to credit to those who need it most and have “a deleterious effect on the economy.”
Cheryl Estrada
sheryl.estrada@fortune.com
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Dennis K. Sinelli Appointed Chief Financial Officer of Paramount, a division of Skydance Corporation (No. 147), effective January 15, and accordingly resigned from the board of directors. Cinelli will succeed Andrew C. Warren, who has served as executive vice president and interim chief financial officer since June 2025. Cinelli most recently served as Chief Financial Officer of Scale AI. He previously held senior finance and operations roles at Uber, including head of global strategic finance and later responsible for the mobility (ride) business in the U.S. and Canada. Prior to joining Uber, Cinelli served as chief financial officer at GE Ventures.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks changes in the C-suite of Fortune 500 companies—View the latest version.
More noteworthy moves:
Deborah Ricci Appointed executive vice president and chief financial officer ascentra healtha technology and health solutions company. Ricci joins Acentra Health from Guidehouse Inc., where she served as partner and chief financial and administrative officer. Earlier in her career, Ricci held a number of senior financial leadership roles, including CFO positions at Constellis, Centerra Group and AT Solutions, and began her career as a CPA with KPMG.
Rohan Ranadive Appointed Managing Director and Chief Financial Officer GTCRa private equity firm. Ranadive succeeds Anna May Trala, who is retiring. Trala will remain affiliated with the company and serve as a senior advisor. Ranadive has over 20 years of experience. Prior to joining GTCR, he served as Managing Director of Financial Operations at Vista Equity Partners. Prior to that, he served as Chief Financial Officer of Aviditi Advisors and spent 12 years at TPG Capital in various financial and accounting leadership roles.
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BCG’s AI Radar 2026 Global SurveyA report released this morning finds that CEOs are realizing that AI is more than just a technology; it can fundamentally change the way organizations operate.
For example, 94% of CEOs surveyed said they would continue investing in AI even if it failed to pay off in 2026. CEOs also say they are increasingly personally involved in AI-driven enterprise transformation, with 72% saying they are the primary decision-maker on AI in their organization. Three CEO prototypes have emerged, with the “Trailblazer CEO” leading the end-to-end AI transformation; 60% of the Trailblazer’s AI budget will be used for agent AI.
“As AI spending increases further this year, the focus has shifted from ‘How much do we invest?'” “How do we translate larger AI budgets into real business impact?” said Vlad Lukic, BCG’s global leader for large-scale AI. “The leadership stakes are rising because capital alone is not enough without a clear strategy and disciplined execution.”
The findings are based on a global survey of 2,360 executives, including 640 CEOs, from companies in a variety of industries with annual revenues of at least US$100 million to more than US$5 billion.
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“Can Saks’ new CEO repair the damage done by years of being viewed as a ‘financial plaything’ for the luxury retailer?” Yes one wealth article Author: Phil Wahba.
Wahba writes: “For the second time in his career, luxury brand executive Geoffroy van Raemdonck has been tasked with fixing an iconic department store company that was in trouble due to financial engineering. In 2018, he was hired to repair Neiman Marcus Group, which had struggled to keep up with changing consumer trends and was unable to turn a profit under the weight of heavy debt from years of private equity ownership. This time, the workload was twice as big. On Tuesday, Van Raemdonck was named to Saks Global. CEO of the company, a global department store. On the same day, luxury department store giants including Neiman Marcus Group (and its Bergdorf Goodman division) and Saks Fifth Avenue filed for Chapter 11 bankruptcy protection. ” Read Full article here.
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“I’m optimistic that AI will not hollow out the industrial workforce. In fact, integrating AI at scale to support a younger workforce may be the only way to sustain it.”
—IFS Nexus Black CEO Kriti Sharma wrote in an article wealth Opinion draft The title is “Artificial intelligence will penetrate the industrial workforce by 2026 – let’s apply it to training the next generation, not replacing them.”