Mike Corbat

Right now we’re at a dozen (and counting). Read more »

  • 02 May 2014 at 4:20 PM
  • Banks

But Who Will Jürgen Fitschen And Anshu Jain Hang Out With?

Deutsche Bank’s CEOs will still be allowed to show their faces at the St. Petersburg International Economic Forum, because German businessmen—familiar as they are with protecting their own abroad—don’t see any reason why imperial irredentism should get in the way of making money. But they’re gonna have a hard time finding other bank chiefs to have caviar fights with. Read more »

  • 17 Mar 2014 at 1:22 PM
  • Banks

Bonus Watch ’14: Citigroup

Everyone, from Mike Corbat on down, had better be on their best behavior this year. Read more »

  • 21 Feb 2014 at 10:30 AM

Bonus Watch ’14: Citi CEOs

Mike Corbat scored himself a nice little raise. Read more »

Back in the day, as in pre-financial crisis, it was okay– nay, encouraged– for a bank chief executive officer to conduct himself in a brash, swaggering manner that communicated a general message of “I do what I want and if you don’t like it, suck on this.” Regulators were peons to be told where to go, the pages of the Journal were a place to thump their chests. San Pietro was a place for holding court while knocking back 9 martinis. If you didn’t like what they had to say, too damn bad.

Somewhere in the last couple years, though, things started to change. People no longer wanted to hear executives who helped cause the global financial crisis tell the world why they were right and you were wrong. Responding to calls that enormous bonuses struck an out of touch tone by inviting CNBC into their offices, dropping trau, telling the cameraman “you’re gonna wanna zoom in on this,” and rolling around in a pile of money with abandon was no longer as effective as it once was. Regulators no longer took kindly to receiving FedEx packages that included photographs of CEOs using pages of, for example Dodd-Frank, as toilet paper with a gold star atop that read “You tried.”

Some bank execs have been slow to catch on to this shift. Mike “can you spell that again” Corbat is notable in that he has not. Read more »

As those of you who’ve been with Citigroup since at least 2007 know, analyst Mike Mayo has never really had any very nice things to say about the bank. If you haven’t committed all of his comments and research reports to memory, or had them printed and stored for posterity in leather-bound books, a brief history of Mayo’s relationship with the institution include:

Sure, Mayo was pretty pleased when the board threw his arch-nemesis, Vikram Pandit, out in the middle of the night, and even said he was going to give the bank a chance to prove itself to him under the new leadership of CEO Mike Corbat. But nobody actually thought he’d start having good thing to say about the place, which is why the Mayo Jar is as shocked as you to be offering this: Read more »

  • 15 Apr 2013 at 3:23 PM
  • Banks

Mike Corbat Gets An A- For The Quarter From Mike Corbat

Citi announced its quarter this morning and there are various ways to tell that it was good, of which “the stock was up” is probably the main one. A possibly less objective test is that, back in March, Mike Corbat told everyone how he would grade himself, if he was grading himself. As he put it today:

Last month, I presented three targets we aim to reach by the end of 2015. First is achieving an efficiency ratio in Citicorp in the mid 50% range. Second, we want to generate a return on Citigroup’s tangible common equity of over 10%. And third is reaching a return on Citigroup’s assets of between 90 and 110 basis points in a risk-balanced manner.

Today Citi announced $4.0 billion of net income (excluding CVA/DVA), or $1.29 per share, which I work out to around 82bps of ROA, 9.86% ROTCE, and a 55.6% Citicorp efficiency ratio.1 So … pretty good, all in all?

One oddity of Corbat’s three-part plan is that two of the parts sort of collapse into each other. Read more »