Michael Corbat

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Michael Corbat
Michael Corbat, CEO of Citigroup Inc., 2014.jpg
Born (1960-05-02) May 2, 1960 (age 61)
EducationHarvard University (BA)
Years active1983–Present

Michael Louis Corbat (born May 2, 1960) is an American banker who was the chief executive officer of Citigroup from October 2012 to February 2021.[1]

Early life and education[edit]

Born in Bristol, Connecticut, Corbat graduated from Harvard University with a B.A. in economics where he also played offensive guard for the school's football team.[2] 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.[3][4]

Career[edit]

Corbat has worked at Citi or its predecessor companies for his entire career, starting with Salomon Brothers.[5] He has 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.[citation needed] 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.[6] 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.[7]

Personal life[edit]

Corbat is an enthusiastic fly fisherman, golfer and downhill skier.[8] 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 has a wife; Donna, as well as two children; Brian and Allison.[9]

References[edit]

  1. ^ News, Citi (2020-09-10). "Citi CEO Michael Corbat Announces Plans to Retire in February 2021". Retrieved 2021-03-29.
  2. ^ Protess, Ben (2012-10-16). "Michael L. Corbat, Citigroup's New Chief, Is a Jack of-All-Trades - NYTimes.com". Dealbook.nytimes.com. Retrieved 2012-10-22.
  3. ^ Knobler, Mike (1982-12-01). "Harvard's Corbat Named To All-America Team | Sports | The Harvard Crimson". Thecrimson.com. Retrieved 2012-10-22.
  4. ^ "Harvard : Media Center: Harvard Crimson Football All-American Selections". Gocrimson.com. Retrieved 2012-10-22.
  5. ^ Baer, Justin; Berthelsen, Christian (17 October 2012). "A Company Man Gets His Shot to Run the Whole Show". The Wall Street Journal. Retrieved 26 June 2018.
  6. ^ Joe Weisenthal (2012-10-16). "Michael Corbat: New CEO Of Citi". Business Insider. Retrieved 2012-10-22.
  7. ^ "Citigroup : Media Center: Citigroup's Jane Fraser Will Be The First Female CEO Of A Top-Tier Investment Bank". Forbes.com. Retrieved 2020-09-10.
  8. ^ Chambers, Alex; Dan Wilchins (16 October 2012). "Touchdown For Corbat After 30 Years On Wall Street". Reuters. Retrieved 21 November 2012.
  9. ^ Turner, Giles (16 October 2012). "Meet Michael Corbat: The New CEO of Citigroup". Financial News. Retrieved 21 November 2012.
Business positions
Preceded by Citigroup CEO
2012–2021
Succeeded by