Michael L. Corbat

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Michael L. Corbat
Occupation Chief Executive
Employer Citigroup

Michael L. Corbat is the chief executive of Citigroup. He replaced Vikram S. Pandit, who stepped down from the position in October of 2012.[1] [2]

Corbat has been at Citi and its predecessor companies since he graduated from Harvard University in 1983. Most recently he was Citi's CEO of Europe, Middle East and Africa, where he oversaw all of Citi's business operations in the region, including consumer banking, corporate and investment banking, securities and trading and private banking services.[3]

He previously served as the CEO of Citi Holdings, Citi's portfolio of non-core businesses and assets which was created in the aftermath of the 2008 financial crisis. In this role, he oversaw the divestiture of more than 40 businesses, including the IPO and sale of Citi's remaining stake in Primerica. He also restructured Citi's consumer finance and retail partner cards businesses and divested more than $500 billion assets, reducing risk on the Company's balance sheet and freeing up capital to invest in Citi's core banking business.

Background

After graduating from Harvard, Corbat joined Salomon Brothers, which was taken over by Citi in 1998. He started as a bond salesman in Atlanta and rose to managing director for high yield and derivatives.[4]

Education

Corbat earned a bachelor's degree in economics from Harvard University.

References

  1. Why Did Citi’s Vikram Pandit Suddenly Quit?. Wall St. & Technology.
  2. Vikram Pandit Steps Down as CEO of Citigroup. Citigroup.
  3. Citigroup Leaders' Bios. Citigroup.
  4. Meet Citi's New CEO. New York Times Dealbook.