Michael Corbat

Michael Corbat
Born (1960-05-02) May 2, 1960 (age 64)
Bristol, Connecticut, U.S.
EducationHarvard University (BA)
Years active1983–present

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

Early life and education

Born in Bristol, Connecticut, Corbat graduated from Harvard University in 1983[5] with a Bachelor of Arts degree in economics, where he also played offensive guard for the school's football team.[6] He was two-time all Ivy League and was selected as first team College Football All-America Team in NCAA Division I-AA in 1982. He was the first Harvard player to be selected since Dan Jiggetts in 1975.[7][8]

Career

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

He served as Head of Citi's Global Corporate Bank and Global Commercial Bank and CEO of Citi's Global Wealth Management (consisting of Smith Barney and the Citi Private Bank). As CEO of Citi Holdings, he was responsible for and led the divestiture of a portfolio of non-core business and assets following the financial crisis of 2008 and Citi's participation in the Troubled Asset Relief Program (TARP).[11]

In 2011, he was named CEO of Europe, Middle East and Africa (EMEA) where he oversaw all Citi operations in the region. In October 2012, Mike Corbat was appointed CEO of Citi after Vikram Pandit's resignation.[12][13]

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

Issues addressed

In 2018 The New York Times wrote that "where Mr. Corbat can steer Citigroup directly, he is doing so."[1] The 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 described as "a challenge we need to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described as "a broad physical branch network that caters to Baby Boomers and a robust online (and mobile) presence for Generation X and Millennials."[17]

Leaving Citi

Corbat's annual salary was cut 21% as he was on his way out. His pay cut and departure happened after the Federal Reserve and Office of the Comptroller of the Currency (OCC) fined Citigroup $400 million for its mismanagement.[18]

Personal life

Corbat is an enthusiastic fly fisherman, golfer and downhill skier[19] who self-describes as "an avid outdoorsman and responsible gun owner."[20] He serves on the Citigroup Board of Directors, the EMI Board of Directors, BritishAmerican Business Board of Directors and the U.S. Ski and Snowboard Team Foundation Board of Trustees. He is married to Donna, and has two children; Brian and Allison.[21]

References

  1. ^ a b John Foley (January 16, 2018). "Citigroup Steers Into Recovery, With Others' Hands on the Wheel". Retrieved June 28, 2022.
  2. ^ "Bio Box: Michael Corbat, the new CEO of Citigroup". The Associated Press. October 16, 2012 – via CNBC.
  3. ^ J. Lowney; E. Lynn; T. Rogers, eds. (September 10, 2020). "Citi CEO Michael Corbat Announces Plans to Retire in February 2021, Board of Directors Selects Jane Fraser to Succeed Corbat as CEO". Retrieved August 22, 2022.
  4. ^ "Michael L. Corbat, Citigroup's New Chief, Is a Jack-of-All-Trade". October 16, 2012.
  5. ^ Alex P. Kellogg (October 16, 2012). "New Citigroup CEO Corbat chose business over NFL". USA Today. Retrieved August 22, 2022.
  6. ^ Protess, Ben (October 16, 2012). "Michael L. Corbat, Citigroup's New Chief, Is a Jack of-All-Trades - NYTimes.com". Dealbook.nytimes.com. Retrieved October 22, 2012.
  7. ^ Knobler, Mike (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 Football All-American Selections". Gocrimson.com. Retrieved October 22, 2012.
  9. ^ Baer, Justin; Berthelsen, Christian (October 17, 2012). "A Company Man Gets His Shot to 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 Michael 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 As CEO Of Citi". The Wall Street Journal. p. A1. Retrieved October 17, 2012.
  13. ^ Joe Weisenthal (October 16, 2012). "Michael Corbat: New CEO Of Citi". Business Insider. Retrieved October 22, 2012.
  14. ^ "Citigroup : Media Center: Citigroup's Jane Fraser Will Be The First Female CEO Of A Top-Tier Investment Bank". Forbes.com. Retrieved September 10, 2020.
  15. ^ "Citigroup CEO Corbat defends pay gap". May 2, 2019. Retrieved June 28, 2022.
  16. ^ Gender Pay Gap is 'a Challenge We Need to Tackle Together', September 25, 2019
  17. ^ Shawn Tully (June 21, 2019). "Citi CEO: In an Age of Fintech Disruption, Don't Sleep on the 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 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 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.
Business positions
Preceded by Citigroup CEO
2012–2021 		Succeeded by

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