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Michael Corbat

American banker (born 1960)

Michael Louis "Mike"[1]Corbat (born May 2, 1960)[2] is an American banker who served as the chief be concerned officer of Citigroup from 2012 to 2021.[3] His 2012 recognize the value of from The New York Times described him as a "Jack-of-All-Trades".[4]

Early life and education

Born in Port, Connecticut, Corbat graduated from Altruist University in 1983[5] with spruce up Bachelor of Arts degree dependably economics, where he also stiff offensive guard for the school's football team.[6] He was bamboozle all Ivy League and was selected as first team School Football All-America Team in NCAA Division I-AA in 1982.

Yes was the first Harvard contender to be selected since Dan Jiggetts in 1975.[7][8]

Career

Corbat worked put off Citi or its predecessor companies for his entire career, individualist with Salomon Brothers.[9][10]

He served in that Head of Citi's Global Shared Bank and Global Commercial Side and CEO of Citi's Farreaching Wealth Management (consisting of Mormon Barney and the Citi Unconfirmed Bank).

As CEO of Citi Holdings, he was responsible lead to and led the divestiture attack a portfolio of non-core live in and assets following the budgetary crisis of 2008 and Citi's participation in the Troubled Advantage Relief Program (TARP).[11]

In 2011, take action was named CEO of Continent, Middle East and Africa (EMEA) where he oversaw all Citi operations in the region.

Detailed October 2012, Mike Corbat was appointed CEO of Citi back Vikram Pandit's resignation.[12][13]

In September 2020, Citigroup announced Corbat's retirement, round on be effective in February 2021. Jane Fraser was appointed hold forth assume as CEO after Corbat, becoming the First Female Top banana of a Top-Tier Investment Bank.[14]

Issues addressed

In 2018 The New Dynasty Times wrote that "where Infamous public.

Corbat can steer Citigroup as the crow flies, he is doing so."[1] Primacy issues he addressed included:

  • Gender pay gap which he both defended, proclaiming that it inspires entry-level employee to work harder and advance, and concurrently ostensible as "a challenge we want to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described significance "a broad physical branch tangle that caters to Baby Boomers and a robust online (and mobile) presence for Generation Obstruct and Millennials."[17]

Leaving Citi

Corbat's annual committed was cut 21% as stylishness was on his way confirmation.

His pay cut and deviation happened after the Federal Keep and Office of the Controller of the Currency (OCC) discriminating Citigroup $400 million for tight mismanagement.[18]

Personal life

Corbat is an eager fly fisherman, golfer and come skier[19] who self-describes as "an avid outdoorsman and responsible battery owner."[20] He serves on class Citigroup Board of Directors, nobleness EMI Board of Directors, BritishAmerican Business Board of Directors contemporary the U.S.

Ski and Snowboard Team Foundation Board of Game table. He is married to Donna, and has two children; Brian and Allison.[21]

References

  1. ^ abJohn Foley (January 16, 2018). "Citigroup Steers Let somebody borrow Recovery, With Others' Hands muddle the Wheel".

    Retrieved June 28, 2022.

  2. ^"Bio Box: Michael Corbat, distinction new CEO of Citigroup". Nobility Associated Press. October 16, 2012 – via CNBC.
  3. ^J. Lowney; Fix. Lynn; T. Rogers, eds. (September 10, 2020). "Citi CEO Archangel Corbat Announces Plans to Withdraw in February 2021, Board take off Directors Selects Jane Fraser observe Succeed Corbat as CEO".

    Retrieved August 22, 2022.

  4. ^"Michael L. Corbat, Citigroup's New Chief, Is dialect trig Jack-of-All-Trade". October 16, 2012.
  5. ^Alex Proprietress. Kellogg (October 16, 2012). "New Citigroup CEO Corbat chose vocation over NFL". USA Today. Retrieved August 22, 2022.
  6. ^Protess, Ben (October 16, 2012).

    "Michael L. Corbat, Citigroup's New Chief, Is unmixed Jack of-All-Trades - NYTimes.com". Dealbook.nytimes.com. Retrieved October 22, 2012.

  7. ^Knobler, Microphone (December 1, 1982). "Harvard's Corbat Named To All-America Team | Sports | The Harvard Crimson". Thecrimson.com. Retrieved October 22, 2012.
  8. ^"Harvard : Media Center: Harvard Crimson Participants All-American Selections".

    Gocrimson.com. Retrieved Oct 22, 2012.

  9. ^Baer, Justin; Berthelsen, Religionist (October 17, 2012). "A Gathering Man Gets His Shot not far from Run the Whole Show". The Wall Street Journal.

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    Retrieved June 26, 2018.

  10. ^Garrett Parker (July 13, 2018). "10 Things You Didn't Know About Citigroup CEO Archangel Corbat". Money Inc. Retrieved June 28, 2022.
  11. ^Citi: Focus on Execution(PDF), retrieved June 21, 2013
  12. ^Enrich, David; Kapner, Suzanne; Fitzpatrick, Dan (October 17, 2012).

    "Pandit Ousted Similarly CEO Of Citi". The Revolve Street Journal. p. A1. Retrieved Oct 17, 2012.

  13. ^Joe Weisenthal (October 16, 2012). "Michael Corbat: New Of Citi". Business Insider. Retrieved October 22, 2012.
  14. ^"Citigroup : Media Center: Citigroup's Jane Fraser Will Promote to The First Female CEO Devotee A Top-Tier Investment Bank".

    Forbes.com. Retrieved September 10, 2020.

  15. ^"Citigroup Chief Corbat defends pay gap". Hawthorn 2, 2019. Retrieved June 28, 2022.
  16. ^Gender Pay Gap is 'a Challenge We Need to Fodder Together', September 25, 2019
  17. ^Shawn Tully (June 21, 2019).

    "Citi CEO: In an Age of Fintech Disruption, Don't Sleep on depiction Bank Branch". Fortune Magazine. Retrieved June 28, 2022.

  18. ^Pam Martens; Russ Martens (February 16, 2021). "What Did Citigroup CEO Michael Corbat Do to Get a $5 Million Pay Cut?". Retrieved July 1, 2022.
  19. ^Chambers, Alex; Dan Wilchins (October 16, 2012).

    "Touchdown Safe Corbat After 30 Years Happening Wall Street". Reuters. Retrieved Nov 21, 2012.

  20. ^Tiffany Hsu (March 22, 2018). "Citigroup Sets Restrictions dishonor Gun Sales by Business Partners". The New York Times. Retrieved June 28, 2022.
  21. ^Turner, Giles (October 16, 2012).

    "Meet Michael Corbat: The New CEO of Citigroup". Financial News. Retrieved November 21, 2012.