Meet Mark Mason, the highest-paid finance chief in the U.S.

BY Preta Peace Namasaba December 28, 2023 10:55 AM EDT
Mark Mason. Photo credit: Michael Bucher/The Wall Street Journal

Mark Mason is the Chief Financial Officer of Citigroup and a member of Citi’s Executive Management Team. He is in charge of the company’s financial management, and leads Citi’s Expense Management and Citi Ventures initiatives. With a total annual compensation of $15 million at the end of 2022, he is the highest-paid finance chief in the U.S. banking industry and one of the world’s highest paid CFOs.

A Citigroup veteran, Mason joined the company in 2001. He had previously served in various positions including Head of Strategy and M&A for Citi’s Global Wealth Management Division, COO of Citi Holdings CEO of Citi Holdings, CEO of Citi Private Bank, and CFO Institutional Clients Group.

Before Citi, he was Director of Strategy and Business Development with Lucent Technologies, a consultant with Marakon Associates, and an investment banker with Goldman Sachs & Co.

Mason is one of the few Black executives on Wall Street, and also the highest paid. He received a compensation package that includes a base salary of $1 million in the previous financial year. According to the company’s proxy statement, Mason received $7.2 million in stock awards and a $5.2 million performance-based short-term incentive bonus.

He has played a fundamental role in leading Citi toward impressive financial milestones. Citigroup experienced a profit surge of 98.64 percent from $11.05 billion to $21.95 billion driven by rising interest rates in 2022. The company’s assets also expanded by 5.47 percent, from $2.29 trillion to $2.42 trillion.

In addition to his his executive leadership roles, Mason is a shareholder in Citigroup. He owns a minority share of the company’s ordinary shares that amount to 208,437 shares and are valued at $10.35 million. Operating in over 160 countries and jurisdictions, the bank generated $14.85 billion and $75.34 billion in net income and revenue respectively.

Mark serves as a Trustee of Howard University, where he received a B.B.A. in finance and graduated with honors. He also holds an M.B.A. from Harvard Business School.