The Next Giant Citigroup Buttfumble Will Be Someone Else’s Problem

John Gerspach is going to his reward.


John Gerspach has been Citigroup’s chief financial officer for almost a 10 years. In other words, he’s seen and survived some shit, from the downfall of his patron to the bank’s worst quarter ever. But attacks on your creditworthiness and Schnitzelgate and small oversights and staff members hiring hitmen and stress tests and CDO settlements and the SEC and Mike Mayo and Montezuma’s Revenge and Paul Singer and Brexit and immigration bans and watching LeBron lose playoff games and unconscionably slow deregulation all take a toll on a man, and at 65 Gerspach doesn’t think he’ll survive a second decade dealing with the sequels to the above. So as of March 1, someone else can handle it, and if history is any judge, not for 10 years, either.

Mr. 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….

In 2009, then-CEO Vikram Pandit promoted him to CFO from chief accountant. It was a tumultuous period when the bank was under extreme scrutiny from regulators, and its previous CFO had angered the Federal Deposit Insurance Corp. by calling it a “tertiary” regulator. At the time, Mr. Gerspach was the bank’s fifth finance chief in five years.

Citigroup CFO, Longest-Serving Finance Chief on Wall Street, to Retire [WSJ]