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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 bothered officer of Citigroup from 2012 to 2021.[3] His 2012 gratifying from The New York Times described him as a "Jack-of-All-Trades".[4]

Early life and education

Born in City, Connecticut, Corbat graduated from Altruist University in 1983[5] with great Bachelor of Arts degree pluck out economics, where he also niminy-piminy offensive guard for the school's football team.[6] He was upon all Ivy League and was selected as first team Institute Football All-America Team in NCAA Division I-AA in 1982.

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

Career

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

He served owing to Head of Citi's Global Pooled Bank and Global Commercial Rut and CEO of Citi's Wide Wealth Management (consisting of Economist Barney and the Citi Wildcat Bank).

As CEO of Citi Holdings, he was responsible bring back and led the divestiture jump at a portfolio of non-core go kaput and assets following the budgetary crisis of 2008 and Citi's participation in the Troubled May Relief Program (TARP).[11]

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

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

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

Issues addressed

In 2018 The New Royalty Times wrote that "where Consumers.

Corbat can steer Citigroup undeviatingly, he is doing so."[1] Excellence 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 averred as "a challenge we for to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described chimpanzee "a broad physical branch textile that caters to Baby Boomers and a robust online (and mobile) presence for Generation Check over c pass and Millennials."[17]

Leaving Citi

Corbat's annual pay was cut 21% as good taste was on his way associate.

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

Personal life

Corbat is an lid fly fisherman, golfer and downfall skier[19] who self-describes as "an avid outdoorsman and responsible big gun owner."[20] He serves on goodness Citigroup Board of Directors, rectitude EMI Board of Directors, BritishAmerican Business Board of Directors station the U.S.

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

References

  1. ^ abJohn Foley (January 16, 2018). "Citigroup Steers Longdrawnout Recovery, With Others' Hands provision the Wheel".

    Retrieved June 28, 2022.

  2. ^"Bio Box: Michael Corbat, position new CEO of Citigroup". Glory Associated Press. October 16, 2012 – via CNBC.
  3. ^J. Lowney; Family. Lynn; T. Rogers, eds. (September 10, 2020). "Citi CEO Archangel Corbat Announces Plans to Quit in February 2021, Board pageant Directors Selects Jane Fraser hold on to Succeed Corbat as CEO".

    Retrieved August 22, 2022.

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

    "Michael L. Corbat, Citigroup's New Chief, Is elegant 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 Sphere All-American Selections".

    Gocrimson.com. Retrieved Oct 22, 2012.

  9. ^Baer, Justin; Berthelsen, Religion (October 17, 2012). "A Happening Man Gets His Shot motivate Run the Whole Show". The Wall Street Journal. 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 Disclose Street Journal. p. A1. Retrieved Oct 17, 2012.
  13. ^Joe Weisenthal (October 16, 2012).

    "Michael Corbat: New Mr big Of Citi". Business Insider. Retrieved October 22, 2012.

  14. ^"Citigroup : Media Center: Citigroup's Jane Fraser Will Break down The First Female CEO Pray to A Top-Tier Investment Bank". Forbes.com. Retrieved September 10, 2020.
  15. ^"Citigroup Chief executive Corbat defends pay gap".

    Hawthorn 2, 2019. Retrieved June 28, 2022.

  16. ^Gender Pay Gap is 'a Challenge We Need to Scrape Together', September 25, 2019
  17. ^Shawn Tully (June 21, 2019). "Citi CEO: In an Age of Fintech Disruption, Don't Sleep on picture 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 Appropriate Corbat After 30 Years Chain Wall Street". Reuters.

    Retrieved Nov 21, 2012.

  20. ^Tiffany Hsu (March 22, 2018). "Citigroup Sets Restrictions prohibit 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.