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Michael Corbat Net Worth

Michael Corbat net worth

Michael Corbat net worth: Michael Louis Corbat is an American banker who was the chief executive officer of Citigroup

Born in Bristol, Connecticut, Corbat graduated from Harvard University with a B.A. in economics where he also played offensive guard for the school’s football team. 

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He was two-time all Ivy League and was selected as first-team College Football All-America Team in NCAA Division I-AA in 1982. He was the first Harvard player to be selected since Dan Jiggetts in 1975.

Career

Corbat has worked at Citi or its predecessor companies for his entire career, starting with Salomon Brothers. He has served as Head of Citi’s Global Corporate Bank and Global Commercial Bank and CEO of Citi’s Global Wealth Management consisting of Smith Barney and the Citi Private Bank.

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As CEO of Citi Holdings, he was responsible for and led the divestiture of a portfolio of non-core business and assets following the financial crisis of 2008 and Citi’s participation in the Troubled Asset Relief Program. In 2011, he was named CEO of Europe, the Middle East, and Africa (EMEA)where he oversaw all Citi operations in the region. In October 2012, Mike Corbat was appointed CEO of Citi after Vikram Pandit’s resignation.

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He retired in February, 2021 and was succeeded by Jane Fraser who now serves as the First Female CEO of a Top-Tier Investment Bank.

Michael Corbat net worth

Michael Corbat net worth is estimated at about $10 million. He served as CEO for 8 years. During these years, Citi’s net income increased from $7 billion to nearly $20 billion.

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He serves on the Citigroup Board of Directors, the EMI Board of Directors, BritishAmerican Business Board of Directors and the U.S. Ski and Snowboard Team Foundation Board of Trustees. He has a wife; Donna, as well as two children; Brian and Allison.

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