NEW YORK Citi today announced that Mike Corbat has been named CEO of Citi Holdings, a significant part of Citi that includes brokerage and asset management, local consumer finance and a special asset pool. Mr. Corbat has served as interim CEO since Citi's announced realignment into Citicorp and Citi Holdings on January 16, 2009.
In this role, Mr. Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to thoughtfully evaluate and set the strategic course for these businesses, while tightly managing risks and losses and maximizing the value of these assets.
Mr. Crittenden said, "Mike Corbat is a terrific business manager and a great partner. In a short time, Mike and the team have done excellent work, and I couldn't be more pleased to have him move into the CEO role on a permanent basis."
"With more than 25 years at Citi in a variety of leadership roles, Mike brings a tremendous amount of experience, insight and energy to this post," said Citi CEO Vikram Pandit. "Mike will work closely with us to accelerate our assessment of strategic opportunities for these businesses, as we also seek to optimize their performance through this challenging market environment."
Mr. Corbat most recently served as the CEO of Citi's Global Wealth Management unit. Prior to this, he was Head of the Global Corporate Bank and Global Commercial Bank at Citi, a role in which he led the firm's efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions around the world. Previously, Mr. Corbat was Head of Global Emerging Markets Debt, responsible for the origination, trading and sales of emerging markets fixed income debt. Mr. Corbat joined the Company in 1983 and has worked in Atlanta, New York and London.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.