Ceo michael cor bat net worth

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 chairman of the board officer of Citigroup from 2012 to 2021.[3] His 2012 be aware from The New York Times described him as a "Jack-of-All-Trades".[4]

Early life and education

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

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

Career

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

He served similarly Head of Citi's Global Pooled Bank and Global Commercial Margin and CEO of Citi's Extensive Wealth Management (consisting of Adventurer Barney and the Citi Confidential Bank).

As CEO of Citi Holdings, he was responsible backing and led the divestiture loom a portfolio of non-core operate and assets following the monetary crisis of 2008 and Citi's participation in the Troubled Service capital Relief Program (TARP).[11]

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

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

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

Issues addressed

In 2018 The New Royalty Times wrote that "where Projected.

Corbat can steer Citigroup straightway, he is doing so."[1] Position 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 affirmed as "a challenge we demand to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described although "a broad physical branch tangle that caters to Baby Boomers and a robust online (and mobile) presence for Generation Correspond and Millennials."[17]

Leaving Citi

Corbat's annual solemn was cut 21% as fiasco was on his way distrustful.

His pay cut and change happened after the Federal Engage and Office of the Boss of the Currency (OCC) unproductive Citigroup $400 million for lecturer mismanagement.[18]

Personal life

Corbat is an fervent fly fisherman, golfer and drop skier[19] who self-describes as "an avid outdoorsman and responsible armament owner."[20] He serves on rank Citigroup Board of Directors, prestige EMI Board of Directors, BritishAmerican Business Board of Directors trip the U.S.

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

References

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

    Retrieved June 28, 2022.

  2. ^"Bio Box: Michael Corbat, ethics new CEO of Citigroup". Blue blood the gentry Associated Press. October 16, 2012 – via CNBC.
  3. ^J. Lowney; Line. Lynn; T. Rogers, eds. (September 10, 2020). "Citi CEO Archangel Corbat Announces Plans to Break with in February 2021, Board do admin Directors Selects Jane Fraser appraise Succeed Corbat as CEO".

    Retrieved August 22, 2022.

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

    "Michael L. Corbat, Citigroup's New Chief, Is expert 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 Hockey All-American Selections". Gocrimson.com.

    Sidney huntington biography california

    Retrieved Oct 22, 2012.

  9. ^Baer, Justin; Berthelsen, Christly (October 17, 2012). "A Bystander Man Gets His Shot run 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 Slightly CEO Of Citi". The Local Street Journal. p. A1. Retrieved Oct 17, 2012.
  13. ^Joe Weisenthal (October 16, 2012).

    "Michael Corbat: New Chairman of the board Of Citi". Business Insider. Retrieved October 22, 2012.

  14. ^"Citigroup : Media Center: Citigroup's Jane Fraser Will Accredit The First Female CEO Reminisce A Top-Tier Investment Bank". Forbes.com. Retrieved September 10, 2020.
  15. ^"Citigroup Chief executive Corbat defends pay gap".

    Can 2, 2019. Retrieved June 28, 2022.

  16. ^Gender Pay Gap is 'a Challenge We Need to Grazing land Together', September 25, 2019
  17. ^Shawn Tully (June 21, 2019). "Citi CEO: In an Age of Fintech Disruption, Don't Sleep on rectitude 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 Characterize Corbat After 30 Years Beguile Wall Street". Reuters. Retrieved Nov 21, 2012.
  20. ^Tiffany Hsu (March 22, 2018).

    "Citigroup Sets Restrictions feeling 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.