Michael Corbat
Mike Corbat | |
|---|---|
| Born | Michael Louis Corbat May 2, 1960 Bristol, Connecticut, U.S. |
| Occupation | Banking executive |
| Years active | 1980s–2021 |
| Known for | CEO of Citigroup (2012–2021) |
Michael Louis "Mike" Corbat (born May 2, 1960) is an American banking executive who held the position of chief executive officer at Citigroup from 2012 until 2021. His selection in 2012 was characterized by The New York Times as that of a versatile "Jack-of-All-Trades".
Early life and education
Hailing from Bristol, Connecticut, Corbat completed his undergraduate studies at Harvard University in 1983, earning a Bachelor of Arts in economics. During his time at Harvard, he played as an offensive guard on the football team, securing two Ivy League all-star honors and being named to the first team College Football All-America Team in NCAA Division I-AA in 1982—marking the first Harvard athlete to receive this distinction since 1975.
Career
Corbat dedicated his entire professional journey to Citi and its antecedent firms, starting his career at Salomon Brothers. He directed Citi's Global Corporate Bank, Global Commercial Bank, and Global Wealth Management divisions, which encompassed both Smith Barney and Citi Private Bank. As head of Citi Holdings, he oversaw the disposal of non-essential assets post-2008 financial crisis and managed the bank’s involvement in the Troubled Asset Relief Program (TARP).
In 2011, Corbat was appointed CEO of Citi’s Europe, Middle East, and Africa (EMEA) region. Following Vikram Pandit’s resignation, Corbat was elevated to CEO of Citi in October 2012.
In September 2020, Citigroup announced that Corbat would retire by February 2021. His successor, Jane Fraser, became the first woman to lead a major investment bank.
Challenges addressed
As reported by The New York Times in 2018, Corbat guided Citigroup through significant issues. His key initiatives included:
- Tackling the Gender pay gap, which he recognized as both an incentive for employee progression and a "challenge we need to tackle together."
- Managing a "Bricks and Clicks" strategy by sustaining an extensive physical branch network catering to Baby Boomers while simultaneously enhancing digital and mobile services aimed at Generation X and Millennials, as highlighted by Fortune Magazine.
Departure from Citi
Upon his departure from Citigroup, Corbat experienced a 21% reduction in his yearly compensation. This followed a $400 million penalty levied by the Federal Reserve and Office of the Comptroller of the Currency (OCC) due to regulatory failures within the bank.
Personal life
An enthusiastic outdoorsman, Corbat enjoys activities such as fly fishing, golf, and downhill skiing. He identifies as a "responsible gun owner." He serves on boards including Citigroup, EMI, BritishAmerican Business, and the U.S. Ski and Snowboard Team Foundation. Corbat is married to Donna and is father to two children named Brian and Allison.