Michael Corbat
 |
|---|
| Michael Corbat | |
| Occupation | Senior Adviser |
|---|---|
| Employer | 26North Partners |
| Location | New York |
Michael Corbat served as the chief executive officer of Citigroup from 2012 to 2021.[1] He succeeded Vikram S. Pandit in the role. In December of 2022 he was tapped to become a senior adviser to 26North Partners, a $9.5 billion alternative-asset manager built by Josh Harris. Corbat is also expected to guide companies in which 26North invests.[2]
Corbat had been at Citi and its predecessor companies since he graduated from Harvard with a bachelor's degree in economics in 1983. Before becoming CEO of Citigroup, he was 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]
As Citigroup's CEO, he is credited with returning the bank to profitability after the company nearly collapsed in the 2008 financial crisis. Citigroup’s profits more than doubled to almost $20 billion under his leadership. He also steered the bank towards becoming a leader on environmental and social issues. He stepped down in early 2021.
Background[edit]
Previously, Corbat served as the CEO of Citi Holdings, Citi's portfolio of non-core businesses and assets. In that role, he oversaw the divestiture of more than 40 businesses and divested more than $500 billion assets, freeing up capital to invest in Citi's core banking business. [4]
He also served as the CEO of Citi's Global Wealth Management unit and was head of the Global Corporate and Global Commercial Bank at Citi.
Corbat began his career at Salomon Brothers, which was taken over by Travelers in 1998 and shortly thereafter merged with Citicorp. He worked as a bond salesman in Atlanta, before rising to managing director for high yield and derivatives.[5]
He is a native of Bristol, Conn.
Education[edit]
Corbat earned a bachelor's degree in economics from Harvard.
References[edit]
- ↑ Michael Corbat, CEO. Citigroup.
- ↑ Harris Taps Ex-Citi CEO for $9.5 Billion Investment Firm. Bloomberg.
- ↑ Leadership Team. Citigroup.
- ↑ Citigroup names Corbat permanent Citi Holdings CEO. Yahoo News.
- ↑ Adept Moves in Financial Crisis Clear Citigroup Chief’s Path to Top Job. The New York Times.