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Jane Fraser became the first woman to lead one of Wall Street’s Big Four bank just a couple of weeks ago. This is a big deal, and not only to Marianne Lake.

WSJ: What are you most proud of?
Mr. Corbat: I guess I would have to say Jane’s ascendancy.

I mean, sure: Fraser’s succession to Citi’s highest office is historic, and Mike Corbat played a big role in making it happen. He was instrumental in her hiring and preparing her for the moment. But Corbat was CEO of one of the biggest banks in the world for eight years, and his proudest moment was the one when it was over? I understand that those years were not exactly an unending string of triumphs, but surely there’s some part of it for Corbat to be more proud of than the fact that his board handed the mop and bucket to a woman a bit earlier than planned due to the last and most spectacular screw-up of his reign? That time Mike Mayo gave him a pat on the head, maybe? That time his bosses finally agreed he wasn’t a worse CEO than Brian Moynihan? That time Citi was the only bank to pass its stress test? Something, anything, he was positively responsible for?

Michael Corbat’s Proudest Moment at Citigroup? Passing the Torch to Wall Street’s First Female CEO. [WSJ]



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