Mike Corbat

  • mike corbat

    News

    Bonus Watch ’15: Citi CEOs

    The board has decided Corbat did a 10 percent shittier job last year than in 2013.

    / Feb 20, 2015 at 11:26 AM
  • Banks

    Minus Plunging Profits, Huge Legal Fees? Citigroup Had A Great Fourth Quarter, “Made Progress” In Mike Corbat’s Mind

    Earlier today, Citigroup chief Mike Corbat told analysts that the bank has made “significant progress on our top priorities.” Said priorities do not appear to include boosting profits and revenues or trading, but may include paying as much as possible on legal matters.

    / Jan 15, 2015 at 4:37 PM
  • "Come, join me."

    News

    Mike Corbat’s Sales Pitch To Would-Be Junior Bankers For Joining Citi: You Can’t All Work At Hedge Funds

    On Monday night, Citi CEO Mike Corbat appeared on a panel at NYU’s Stern School of Business alongside hedge fund manager John Paulson and private equity chief Joseph Landy. The conversation was free flowing and touched on a number of subjects du jour, like too-big-to-fail, post-crisis regulation, and the future of the global economy, but, […]

    / Oct 1, 2014 at 1:30 PM
  • mike corbat

  • 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 […]

    / May 2, 2014 at 4:20 PM
  • Banks

    Bonus Watch ’14: Citigroup

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

    / Mar 17, 2014 at 1:22 PM
  • Banks

    Mike Corbat Not Happy About Having Mexican Underlings Make Him Look Bad

    La Casa de Corbat is only boring north of the border.

    / Mar 3, 2014 at 3:50 PM
  • mikecorbat

    News

    Bonus Watch ’14: Citi CEOs

    Mike Corbat scored himself a nice little raise.

    / Feb 21, 2014 at 10:30 AM
  • mikecorbat

    News

    Not Going On TV And Telling Regulators To “Regulate This [gestures at crotch]” Working Out Pretty Well For Mike Corbat

    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 […]

    / Dec 2, 2013 at 2:26 PM
  • mikemayodog

    News

    Mike Mayo Can’t Believe He’s Saying This, But Citigroup’s Not Looking Like Such A Joke These Days

    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 […]

    / Oct 16, 2013 at 1:05 PM
  • Still not a lot of  pictures of him but he's working on it.

    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 […]

    / Apr 15, 2013 at 3:23 PM
  • mikecorbatweightlifting-260x405

    News

    Mike Corbat Has A Dream

    Mike Corbat, the new chief executive officer of Citigroup, said the company’s profit goal for 2015 is earn at least a 10 percent return on the company’s tangible common equity. The target was posted on the company’s website on Tuesday in slides Corbat planned to use a few minutes later in a speech at an […]

    / Mar 5, 2013 at 1:41 PM
  • mikecorbatweightlifting

    News

    Bonus Watch ’13: Mike Corbat Gets $11.5 Million For Early “Contributions” As CEO

    Many of which involved firing people. He did other stuff, too, but the firings stood out on compensation day.

    / Feb 21, 2013 at 6:41 PM
  • NEED MORE PICTURES

    News

    Citi CEO Knows This Idea Sounds Crazy But Just Hear Him Out, Okay?

    Back in October when Mike Corbat was dragged from bed in the middle of the night to take over the top job at Citigroup after Vikram Pandit’s ouster, he did a hastily assembled damage-control conference call while still wearing his footie pajamas. On this call CLSA analyst Mike Mayo surprised Corbat by asking him a […]

    / Jan 18, 2013 at 12:06 PM
  • mikecorbatweightlifting-260x405

    News

    Goldman Sachs Loves Citigroup’s Plan To Fire Everyone

    This Mike Corbat guy is some kind of genius.

    / Jan 4, 2013 at 6:11 PM
  • redumbrella

    News

    Layoffs Watch ’12: Citigroup

    As promised, new CEO Mike Corbat will be firing a few thousand people as part of the bank’s weight reduction program.

    / Dec 5, 2012 at 10:14 AM
  • mikecorbatweightlifting

    News

    Layoffs Watch ’12: Citigroup Has Begun The First Phase Of Its Total Body Makeover

    Back in October, new Citi CEO Mike Corbat’s personal trainer predicted that Vikram Pandit’s replacement would waste no time whipping the place into shape, just like he whipped himself into shape in 2010 with the fat-torching Spartacus Workout. Whereas someone else might’ve let the bank have until the new year to get serious, allowing for one last season of pigs in a blanket and egg nog and late night pizza and entire gingerbread houses, Citi’s day’s of “I’ll start the diet tomorrow” are over. Corbat’s  transformation plan starts TODAY.

    / Nov 29, 2012 at 11:29 AM
  • mikecorbatweightlifting-260x405

    News

    Mike Corbat’s Wife Is Gal-Pals With The Wife Of One Of The Guys Abruptly Fired The Day He Was Named CEO, And Other Things Making His First 100 Days At The Top Awkward

    Over at the Journal today you will find a story called “Awkward Spot For Citi’s CEO,” which details the various awkwardness encountered by Mike Corbat since he took over as Chief Executive Officer, following Vikram Pandit’s awkward ousting. There is also a delightful bonus round of awkwardness that comes as a postscript to the article, but we’ll get the that later. First, why are things slightly awk for Corbat?

    Well, for starters, he knew that Pandit was going to be unexpectedly and unceremoniously fired long before VP did, including the entire time they were on a business trip together. The whole time they were flying over there together, having dinner together, meeting with clients together, taking in shows and doing touristy things when they had downtime from the conference together, he knew Pandit was about to get hit by a truck. No one blames Corbat for Vickles getting canned but, at the same time, there is a feeling by a few at Citi that you’d have to be some kind of monster to look a person in the eye and say “Sure, a trip the the Zen Temples sounds great,” and take in the cherry blossoms and drink sake and do karaoke and fight over who is Scarlett Johansson and who is Bill Murray with him all the while knowing what was going to happen when you got home.

    For Vikram Pandit, a trip to Tokyo for the International Monetary Fund and World Bank conference last month seemed routine. But Michael Corbat, the longtime Citigroup executive who joined Mr. Pandit there, knew better. Unbeknown to Mr. Pandit, Citigroup Chairman Mike O’Neill had told Mr. Corbat that the board could seek Mr. Pandit’s resignation as chief executive and hand the job to Mr. Corbat, according to people familiar with the situation. A day after Messrs. Pandit and Corbat returned to New York, that is exactly what happened. A host of financial, competitive and regulatory issues confronts the 52-year-old Mr. Corbat atop the nation’s third-biggest bank by assets. But no task is more critical than soothing workers unsettled by the way the board ousted Mr. Pandit and his longtime right-hand man, John Havens, who ran the investment bank and served as president and chief operating officer. The effort is made even more delicate by Mr. Corbat’s proximity to Mr. Pandit in the days before the coup. Executives say they don’t blame Mr. Corbat for Mr. Pandit’s overthrow, though some wondered how Mr. Corbat was able to sit through the IMF meetings knowing what was to unfold.

    Additionally awkward is the fact that there has been chatter around the office and scrawled on the walls of the men’s room that there’s only enough room in this Citi for one guy named Mike, and it’s not Corbat.

    Adding to Mr. Corbat’s challenges is the perception among some insiders that he is overshadowed by Mr. O’Neill. Employees have privately joked that of the two Mikes, it is Mr. O’Neill who is truly in charge. People close to Mr. O’Neill dispute that notion and say he has spent little time at his Citigroup office in the past month.

    Finally, you have the awkwardness of Mike not only knowing his colleague Vikram was going to be fired, but that his colleague and friend, John Havens, was getting the boot himself, which may or may not have caused auxiliary awkwardness for Corbat on the home front.

    Mr. Corbat’s position is all the more awkward given his close personal relationship with Mr. Havens. The two men spent time together outside of work, occasionally vacationing with their wives at Mr. Havens’ Scotland estate.

    All good examples of things that could be characterized as awkward to be sure. But! The absolute most wonderful bit of awkwardness to be found in “Awkward Spot For Citi’s CEO,” is, without question, this:

    / Nov 16, 2012 at 12:47 PM

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