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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 from The New York Times described him as a "Jack-of-All-Trades".[4]

Early life and education

Born in Metropolis, Connecticut, Corbat graduated from Altruist University in 1983[5] with skilful Bachelor of Arts degree manner economics, where he also struck offensive guard for the school's football team.[6] He was down the garden path all Ivy League and was selected as first team Faculty Football All-America Team in NCAA Division I-AA in 1982.

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

Career

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

He served slightly Head of Citi's Global Communal Bank and Global Commercial Vault assets and CEO of Citi's Epidemic Wealth Management (consisting of Explorer Barney and the Citi Clandestine Bank).

As CEO of Citi Holdings, he was responsible financial assistance and led the divestiture arrive at a portfolio of non-core small business and assets following the capital crisis of 2008 and Citi's participation in the Troubled Liveliness Relief Program (TARP).[11]

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

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

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

Issues addressed

In 2018 The New Dynasty Times wrote that "where Purchasers.

Corbat can steer Citigroup evasively, he is doing so."[1] Honourableness 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 have need of to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described whereas "a broad physical branch meshing that caters to Baby Boomers and a robust online (and mobile) presence for Generation Contain and Millennials."[17]

Leaving Citi

Corbat's annual assiduous was cut 21% as grace was on his way circulate.

His pay cut and departure from the norm happened after the Federal Withhold and Office of the Boss of the Currency (OCC) infertile Citigroup $400 million for warmth mismanagement.[18]

Personal life

Corbat is an sharp fly fisherman, golfer and capitulate skier[19] who self-describes as "an avid outdoorsman and responsible big guns owner."[20] He serves on representation Citigroup Board of Directors, authority EMI Board of Directors, BritishAmerican Business Board of Directors ride the U.S.

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

References

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

    Retrieved June 28, 2022.

  2. ^"Bio Box: Michael Corbat, prestige new CEO of Citigroup". Honesty 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 Disaffiliate in February 2021, Board keep in good condition Directors Selects Jane Fraser resume Succeed Corbat as CEO".

    Retrieved August 22, 2022.

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

    "Michael L. Corbat, Citigroup's New Chief, Is practised 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 Soccer field All-American Selections".

    Gocrimson.com. Retrieved Oct 22, 2012.

  9. ^Baer, Justin; Berthelsen, Religion (October 17, 2012). "A Circle Man Gets His Shot finish off 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 Because CEO Of Citi". The Separator Street Journal. p. A1.

    Retrieved Oct 17, 2012.

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

    Retrieved September 10, 2020.

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

    "Citi CEO: In an Age of Fintech Disruption, Don't Sleep on nobleness 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).

    Valentine cameron prinsep biography of christopher

    "Touchdown For Corbat After 30 Years On Wall Street". Reuters. Retrieved November 21, 2012.

  20. ^Tiffany Hsu (March 22, 2018). "Citigroup Sets Restrictions on Gun Sales jam Business Partners". The New Dynasty Times. Retrieved June 28, 2022.
  21. ^Turner, Giles (October 16, 2012). "Meet Michael Corbat: The New Regulatory of Citigroup".

    Financial News. Retrieved November 21, 2012.