Citibank announced a change in chief financial officer and a plan for business adjustments.

On November 20th, local time, Citigroup announced that Chief Financial Officer Mark Mason will step down in March next year, with Gonzalo Luchetti taking over as CFO. After Mason steps down, he will serve as Citigroup's Vice Chairman and also as a senior advisor to CEO Jane Fraser. Citigroup also announced that it will integrate its retail banking business into its wealth management division, and form a new department led by Kate Luft. Luft will be in charge of US retail banking and Citigroup wealth management, reporting to Andy Sieg. Additionally, Citigroup will merge its branded cards and retail services business to establish a US Consumer Credit Card Division, led by Pam Habner. Habner will report directly to the CEO and join the executive management team.