Nov 20 (Reuters) - Citigroup ( C/PN ) said on Thursday

Chief Financial Officer Mark Mason will leave the role in March,

to be replaced internally at the U.S. lender by Gonzalo

Luchetti.

Luchetti currently heads the U.S. retail division, one of

Citigroup's ( C/PN ) five businesses. Once he becomes CFO, the division

will be dismantled and folded into the wealth management

division, the bank said.

Citi's retail bank and Citigold will be integrated into the

wealth division, with those businesses to be led by Kate Luft.

She will report to Andy Sieg, the head of Wealth. Citigroup's ( C/PN )

retail business in the U.S. is much smaller than those of its

larger rivals.

Citi's Branded Cards and Retail Services businesses will be

combined to form U.S. Consumer Cards and will be headed by Pam

Habner, replacing U.S. Personal Banking as one of Citi's

five business divisions.

In a statement, CEO Jane Fraser said she is confident the

bank will reach its target return for next year.

"This evolution of our leadership team and structure is well

timed as it puts in place our next generation of leaders ahead

of our upcoming Investor Day." Mason will become an adviser to

the CEO in March until leaving the bank by the end of 2026.

"Mason's exit was unexpected," said Stephen Biggar, an

analyst at Argus Research. "He has been a very vocal proponent

of Citi's strategy. It seems to be a bit of a loss on the

communication of the strategy."