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South Orange’s Mark Mason Named New CFO of Citigroup

Mark A.L. Mason, courtesy of howard.edu

Mark Mason, who resides in South Orange with his wife Carolyn “Cookie” Minick-Mason and their two children, is taking over as Chief Financial Officer of Citigroup, one of the largest banks and financial services corporations in the world.

Mason, 47,  is currently the finance chief of Citigroup’s Institutional Clients Group. As CFO, he will replace John Gerspach, 65, who will retire from the position on March 1, 2019.

According to the Financial Times, Mason “has held a variety of jobs at Citi in recent years, and some colleagues had viewed him as a likely candidate for the CFO role. In 2017, the bank put him in charge of the company’s annual stress test submitted to the Federal Reserve. He previously ran the Private Bank, which caters to ultra-wealthy individuals, and Citi Holdings, the ‘bad bank’ where Citi stored assets that it wanted to get rid of. Mason was also a deputy to [Citigroup Chief Executive Michael] Corbat when Corbat ran Citi Holdings.”

The Financial Times also reports that Mason “was raised by a single mother in Queens, and as a teenager he worked for his grandparents, who ran carpentry and landscaping businesses. He joined Citi in 2001. Within a couple of years, his work had attracted the attention of former CEO Charles Prince, who made Mason his chief of staff.”

Mason earned a Bachelor of Business Administration (BBA) degree in finance and graduated with honors from Howard University and earned a Master of Business Administration (MBA) degree from Harvard Business School.

According to a Business Insider ranking, Citigroup is the 13th largest bank in the world. Bankrate.com places Citigroup as 4th largest among U.S. banks. Citigroup has $1.84 trillion in assets.

News of Mason’s appointment and Gerspach’s retirement was first reported by The Wall Street Journal.

Read the full Financial Times report here.

For her part, Carolyn “Cookie” Minick-Mason, an employment attorney, has also enjoyed the spotlight, appearing in the cover story of Oprah’s O Magazine in April 2016. She is also active in many charitable organizations.

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