Introduction
Michael Louis Corbat (born May 2, 1960) is an American banker and the current chief executive (CEO) of Citigroup, a position he has held since October 2012.
Early life and education
Bornin 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. 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.
Career
Corbat has worked at Citi or its predecessor companies for his entire career, starting with Salomon Brothers.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. 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. 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.
Personal life
Corbat is an enthusiastic fly fisherman, golfer and downhill skier. 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.