New Citi CEO for non-core unit
(9 April 2009 – USA) Citi has announced the new chief of Citi Holdings, which holds the non-core group of businesses after Citi’s recent restructure.
Citi announced that Mike Corbat has been named the Chief Executive Officer of Citi Holdings, one of two main units of Citi, which includes brokerage and asset management, local consumer finance and a special asset pool.
Corbat has served as interim CEO since Citi's announced realignment into Citicorp and Citi Holdings on January 16, 2009.
In the role, Citi said that Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to evaluate and set the strategic course for these businesses, while tightly managing risks and losses and maximizing asset values.
Corbat has more than 25 years experience at Citi and 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.
While the core banking unit is said to be a low-risk unit, Citi has indicated that the higher risk businesses of Citi Holdings needs tighter risk management particularly in the current environment.
Citi Holdings was set up as a group of non-core businesses that do not sufficiently enhance the capabilities of Citi's core business and in many ways compete for its resources.
Corbat has served as interim CEO since Citi's announced realignment into Citicorp and Citi Holdings on January 16, 2009.
In the role, Citi said that Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to evaluate and set the strategic course for these businesses, while tightly managing risks and losses and maximizing asset values.
Corbat has more than 25 years experience at Citi and 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.
While the core banking unit is said to be a low-risk unit, Citi has indicated that the higher risk businesses of Citi Holdings needs tighter risk management particularly in the current environment.
Citi Holdings was set up as a group of non-core businesses that do not sufficiently enhance the capabilities of Citi's core business and in many ways compete for its resources.
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