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Citi CFO Mark Mason says the bank is strong and his successor will ‘continue the momentum’

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Good morning. Citi’s fourth-quarter 2025 results marked a profitable close to 2025 and a turning point in its leadership, as longtime CFO Mark Mason prepares to hand the reins to his successor amid solid earnings and an ongoing restructuring.

The bank reported Q4 net income of $2.5 billion, or $1.19 per diluted share, on $19.9 billion of revenue, down from $2.9 billion, or $1.34 per share, on $19.5 billion a year earlier. On a reported basis (including a Russia-related notable item), EPS of $1.19 and revenue of $19.9 billion topped FactSet estimates of $1.02 and $19.6 billion. On an adjusted basis (excluding the notable item), EPS was $1.81 on $21.0 billion of revenue, ahead of consensus EPS of $1.65 and revenue of $20.9 billion.

“We ended the year in a position of strength, having executed against our strategic priorities,” Citi CFO Mark Mason said on Wednesday morning in his final quarterly media call as finance chief. The bank announced in November that he will step down in early March. Mason, who joined Citi in 2001 and became CFO in 2019, takes over as executive vice chairman and senior executive advisor to chairwoman and CEO Jane Fraser, while Gonzalo Luchetti, head of U.S. personal banking, will succeed him as CFO. I previously reported that his long-term ambition is to become a CEO, according to people familiar with the matter.

Mason said Luchetti has driven 13 consecutive quarters of positive operating leverage in U.S. personal banking, including returns of more than 14% in the fourth quarter and more than 13% for the full year. “I think he is well equipped and armed to come in as our newly appointed CFO and continue the momentum,” he said.

Citi said late last year it would move its retail bank into the wealth business, with the two card businesses run together under Pam Habner. Over the balance of 2026, Mason said he will help with Citi’s May 7 investor day and other strategic initiatives.

Citi is working toward a previously discussed reduction of about 20,000 roles. “We’ve made progress on that since 2022 and 2023, landing in the end of 2025 at 226,000 employees,” Mason said, adding he expects headcount to continue to trend down as productivity improves and tools like AI are implemented. It has been reported that Citi is poised to eliminate about 1,000 positions this week, following earlier rounds of layoffs.

On the economy, Mason said the health of the consumer, overall, has remained resilient. Citi’s largely prime (about 85%) card customer base is showing solid financial discipline, with spending up 5% year over year, but lower‑FICO consumers are feeling more pressure from inflation and higher prices, he explained.

As big banks report earnings, President Donald Trump’s proposal to cap credit card interest rates at 10% has surfaced as a key topic. Mason said there is not yet enough detail to speculate, but he called affordability an important issue and said Citi looks forward to working with the administration on a constructive solution. 

“I also say that an interest rate cap is not something that we would or could support,” he said, arguing it would restrict access to credit for those who need it most and have “a deleterious impact on the economy.”

Sheryl Estrada
sheryl.estrada@fortune.com

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Fortune 500 Power Moves

Dennis K. Cinelli was appointed CFO of Paramount, a Skydance Corporation (No. 147), effective Jan. 15, and as such has resigned his board of directors seat. Cinelli will succeed Andrew C. Warren, who has served as EVP and interim CFO since June 2025. Most recently, Cinelli served as CFO of Scale AI. He previously held senior finance and operational roles at Uber, including global head of strategic finance, and later running the U.S. and Canada Mobility (Rides) business. Before Uber, Cinelli was with G.E. Ventures as CFO. 

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

More notable moves:

Deborah Ricci was appointed EVP and CFO of Acentra Health, a technology and health solutions company. Ricci joins Acentra Health from Guidehouse Inc., where she most recently served as partner and chief financial and administrative officer. Earlier in her career, Ricci held multiple senior finance leadership roles, including CFO positions at Constellis, Centerra Group, and A-T Solutions, and began her career as a certified public accountant with KPMG.

Rohan Ranadive was appointed managing director and CFO of GTCR, a private equity firm. Ranadive succeeds Anna May Trala, who is retiring. Trala will remain affiliated with the firm, serving as a senior advisor going forward. Ranadive brings more than 20 years of experience. He joins GTCR from Vista Equity Partners, where he was a managing director of finance operations. Before that, he was the CFO of Aviditi Advisors and spent 12 years at TPG Capital in various finance and accounting leadership roles.

Big Deal

BCG’s AI Radar 2026 global survey, released this morning, finds that CEOs are recognizing that AI is more than a technology; it can fundamentally change how organizations are run.

For example, 94% of CEOs surveyed said they will continue to invest even if AI does not pay off in 2026. CEOs also said they are increasingly hands-on in AI-driven corporate transformation, with 72% saying they are the main decision maker on AI in their organization. Three CEO archetypes emerge, with “trailblazer CEOs” leading end-to-end AI transformation; 60% of trailblazers’ AI budgets will be spent on agentic AI.

“With AI spending set to ramp up further this year, the focus is shifting from ‘how much do we invest?’ to ‘how do we turn bigger AI budgets into real business impact?’” said Vlad Lukic, global leader for AI at Scale at BCG. “The stakes are rising for leadership, as capital alone is not enough without a clear strategy and disciplined execution.”

The findings are based on a global survey of 2,360 executives, including 640 CEOs, across industries at companies earning between at least $100 million and more than $5 billion in annual revenue.

From the BCG AI Radar 2026 Survey. Courtesy of BCG.

Going deeper

“Can Saks’ new CEO repair the damage done to the luxury retailer by years of being treated as a ‘financial plaything’?” is a Fortune article by Phil Wahba. 

Wahba writes: “For the second time in his career, luxury executive Geoffroy van Raemdonck has been tasked with fixing an iconic department store company brought low by financial engineering. In 2018, he was hired to fix Neiman Marcus Group, which was struggling to to keep up with shifting consumer trends and unprofitable under the weight of heavy debt from years of private equity ownership. This time, the job is twice as big. On Tuesday, Van Raemdonck was appointed CEO of Saks Global, the same day as the luxury department store giant, which includes Neiman Marcus Group (and its Bergdorf Goodman division) and Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection.” Read the complete article here

Overheard

“I’m optimistic that AI won’t hollow out the industrial workforce. In fact, incorporating AI at scale to support a younger workforce may be the only way to sustain it.”

Kriti Sharma, CEO of IFS Nexus Black, writes in a Fortune opinion piece titled, “AI will infiltrate the industrial workforce in 2026—let’s apply it to training the next generation, not replacing them.”



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Want to be an NFL coach? It’s America’s hottest job opening right now and pays up to $20 million with no college degree required

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Move over AI engineers and management consultants—America’s hottest job opening right now isn’t sitting in a cubicle in Silicon Valley or on Wall Street. It’s on the sidelines of the nation’s favorite sport.

Nine NFL franchises are actively looking for new head coaches, triggering one of the most competitive—and unforgiving—hiring cycles in the U.S. labor market. The job offers eye-popping pay, unmatched visibility, and authority over billion-dollar enterprises. It also comes with a catch: failure is public, fast, and often final.

There’s no formal degree required, though playing college football is often a rite of passage. You’ll need to relocate, but you have your pick of major cities around the country. The travel schedule is intense, though you’ll never have to fly economy. And while contracts vary, it’s safe to say the role all but guarantees millionaire status—assuming you negotiate well and last long enough to collect.

This year’s openings include the Baltimore Ravens, Atlanta Falcons, New York Giants, Pittsburgh Steelers, Miami Dolphins, Las Vegas Raiders, Cleveland Browns, Tennessee Titans, and Arizona Cardinals—each betting that the right hire can quickly change the trajectory of their franchise.

“Success is situational in this league,” wrote Wall Street Journal columnist Jason Gay. “Sure, you need some ingenuity and some luck, and that five-year plan you’ve sketched out is adorable, but what you really need is an organization that runs more capably than an eighth grade carwash. There aren’t many.”

That reality may explain why America’s hottest job is also among the most unstable—and why so many teams are back on the market again.

Coach salaries have risen from $300K to $6 million a year—but you’ll need to prove your passion for the job decades before

Unsurprisingly, the road to becoming an NFL head coach usually begins decades before the first contract negotiation. 

Most coaches develop an early passion for the sport, often playing football in high school or college before finding a foothold on a professional staff. From there, the climb resembles a corporate ladder: entry-level roles, years of apprenticeship, and frequent job changes—often requiring a move to an entirely new city every few seasons.

Take Mike McDaniel, the recently fired Miami Dolphins head coach. After being a player at Yale, he began his post-college career as a coaching intern in 2005. He spent nearly two decades rotating through assistant roles across multiple franchises before landing his first head coaching job in 2022. On the flip side, Todd Haley, the former head coach of the Kansas City Chiefs, never played football in high school or college—yet still reached the league’s top coaching tier.

However varied the path, the payoff at the top is substantial. 

Over the last few decades, coaches have become more like assets to franchises—and thus their average salaries have risen from $300,000 to $6 million a year, according to data compiled by Sportico and Pro Football Reference reported by The New York Times.

At the very top of the market, pay climbs much higher. Current Chiefs head coach Andy Reid, the league’s highest-paid coach, earns an estimated $20 million per year. Contracts also might include performance incentives tied to benchmarks such as playoff appearances or Super Bowl runs.

But that compensation comes with significant risk. The extreme job insecurity and high probability of public failure makes high salaries operate as a form of “hazard pay,” according to Minjung Kim, an assistant professor of sport management at Texas A&M University.

“While head coaches gain significant brand value and visibility, they operate in environments where performance is evaluated publicly, timelines are highly compressed, and job security is often shaped by factors beyond their direct control, such as injuries, roster construction, or organizational instability,” she told Fortune.

“High compensation reflects the intensity of the role but does not eliminate its volatility, underscoring how inherently unstable and demanding these positions are.”

How the expectations of an NFL head coach compare to being a top CEO

At its core, the head coach job is simple: win football games. But in practice, coaches are expected to act as the ultimate motivator, recruiter, and tactician—while serving as the first and loudest recipient of blame when things go wrong.

The effectiveness of a head coach has shifted in recent years from being judged primarily by their charisma, intuition, and coaching staff to what Kim calls the “coaching intelligence triad”: having cultural, digital, and emotional intelligence.

“In contemporary sport organizations, head coaches must lead diverse groups, integrate data and technology into fast decision-making processes, and regulate emotions under intense pressure,” she told Fortune.

Oftentimes, the skills needed to be a successful coach are equated to those of a CEO.

“Like CEOs, [coaches] should be concerned with long-term strategic planning and decision-making, managing the cultural and emotional well-being of the team and acting as the face of the organization,” wrote sports commentator and former NFL player Domonique Foxworth. “Those things don’t sound like coaching, but they have as much of an impact on a team’s success as game planning.”

Failure to take stock of the bigger picture responsibilities can ultimately lead to indecisiveness at important moments, disgruntled players, and harmful leaks to the media, Foxworth said.

“Too many head coaches underestimate the importance of their new CEO duties and focus on the side of the ball that brought them success,” Foxworth added. “The impact of that on a team is not unlike what happens in other organizations: There is no strategic cohesion, long-term awareness and a culture of apathy develops.”

Kim echoed that modern head coaches and corporate executives both need a clear vision and adaptability. Yet the relentless scrutiny week after week makes sports leadership “one of the most visible and psychologically demanding forms of organizational leadership today.”

This story was originally featured on Fortune.com



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Trump’s ‘Department of War’ rebrand could cost $125 million, says the CBO

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President Trump’s bid to knock four letters off the “Department of Defense” in a rebrand to the “Department of War” could cost upwards of $100 million, the Congressional Budget Office (CBO) has estimated.

On September 5, the president signed an executive order to restore the George Washington-era names of the Department of War and the Office of the Secretary of War as secondary titles for the Department of Defense and the Office of the Secretary of Defense.

Within that order was a stipulation that the Secretary of War would later submit a presidential application to permanently change the name of the department.

However, rebranding the nation’s biggest employer is no small task. The Pentagon oversees 1.32 million people in active duty and 750,000 civilian personnel.

According to the CBO, which responded to a request for information from senators Jeff Merkley and Chuck Schumer, the shift would cost about $10 million for a “modest implementation” of the change, primarily within the department itself. This sum could be absorbed as an opportunity cost, the CBO added, paid out of existing budgets.

But there are two ends to the scale: Minimal implementation might cost a measly few million, the CBO said, but on the extreme end it could cost taxpayers $125 million.

“Broadly, the costs would include staff time spent updating document templates, revising websites, or modifying letterhead, time that could be devoted to the activities that the department had planned to conduct before the executive order was issued,” the CBO wrote. “Similarly, funds used for signage or ceremonial items could reduce resources available for planned items or activities.”

The scale of the costs depends on how “aggressively” the rebrand is rolled out, and how it would be prioritized against remaining activities and “ongoing missions.” A more aggressive rollout, for example, might include “immediately replacing stationery, signage, and nameplates” as opposed to replacing them when existing stock runs out.

“The faster the changes were implemented, the more parts of DoD that the changes applied to, and the more complete the renaming, the costlier it would be,” the CBO added.

“Under President Trump’s leadership, the now aptly-named Department of War is refocused on readiness and lethality—and its title now reflects its status as the most powerful fighting force in the world,” the White House told Fortune. “The White House is working hand-in-glove with the Department of War on implementation of the executive order.”

One of the most expensive endeavours in the proposed change would be renaming the air bases. Even back in March 2023, the Army projected that it would cost at least $39 million to rename nine posts: Forts AP Hill, Benning, Bragg, Gordon, Hood, Lee, Pickett, Polk, and Rucker. That was nearly double an estimate by the Naming Commission a year prior, which put the price at $21 million.

There are also costs incurred for other non-federal entities if the Department of War decides to push its name change through as a blanket approach. For example, the CBO points out that North Carolina spent $400,000 in 2023 to change the name of Fort Bragg to Fort Liberty, just to change it back to Fort Bragg again last summer.



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How to get $20 account credit for Verizon outage

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Verizon says it will offer $20 account credits to 1.5 million customers affected by a widespread network outage that left users without service for up to 10 hours Wednesday, even as the company continues to be cryptic about what actually caused the outage. 

In a statement to Fortune Wednesday, the communications giant acknowledged the scale of the failure and apologized to customers, calling the outage a lapse in its own standards.

“Yesterday, we did not meet the standard of excellence our customers expect and that we expect of ourselves,” a Verizon spokesperson told Fortune. The company said affected customers can redeem the $20 credit through the MyVerizon app, noting “on average, this covers multiple days of service.” Business customers, Verizon added, will be contacted directly about credits.

Verizon stressed the credit was not intended to be full compensation for the outage—”no credit really can” make up for it, they wrote. But they encouraged customers still experiencing problems to restart their devices in order to reconnect to the network. 

Despite the apology, Verizon did not say whether the outage stemmed from a technical failure or a broader systems issue, fueling speculation and frustration online. 

One widely shared post on X featured a user threatening to cancel their Verizon plan outright. 

“[T]hey can have this phone back,” the user wrote in a post that racked up more than 1 million views.

Rival carriers were quick to seize the moment. AT&T replied directly to the post, promoting its wireless free-trial program. The original poster responded minutes later asking for help switching plans.

Data from Downdetector showed a sharp spike in outage reports beginning early Wednesday and persisting throughout the day, with the highest concentration of complaints coming from major metro areas including New York City, Atlanta, Houston, Dallas, and Philadelphia. Roughly 60% of reported issues involved mobile-phone service, followed by loss of signal and mobile internet disruptions.

The outage also arrives just months after Verizon announced the largest layoffs in its history. In November 2025, the company said it would cut roughly 15,000 jobs as part of a restructuring effort. Verizon CEO Dan Schulman said at the time the reductions were necessary to reduce “complexity and friction that slow us down and frustrate our customers.”

It remains unclear whether the workforce reductions had any role in Tuesday’s outage or the company’s ability to resolve it quickly.



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