Citigroup Inc. Chief Financial Officer John Gerspach will retire next year, ending a nearly 10-year run as the bank’s top finance executive, the company announced Tuesday.
Gerspach, 65, will end his tenure as the bank’s CFO on March 1, 2019, according to an email Chief Executive Michael Corbat sent to employees that was viewed by The Wall Street Journal. Gerspach has served as Citigroup’s CFO since July 2009, making him the longest-serving finance chief currently at any major U.S. bank.
He will be succeeded by Mark Mason, 47, the finance chief of Citigroup’s Institutional Clients Group, the side of the bank that includes investment banking and trading.
Gerspach became CFO when Citigroup C, +0.22% was a poster child for the financial crisis. Its high-profile problems proliferated over the coming years, with the bank marred by two failed stress tests, problems in its Mexico subsidiary and a big mortgage-securities settlement with the Justice Department. But in recent years, the bank has improved its relationships with regulators and dramatically slimmed down its once-bloated operations.
An expanded version of this report appears on WSJ.com.
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