Michael L. Corbat, the Chief Executive Officer of Citigroup, graduated from Harvard University with a bachelor's degree in economics in 1983. As an offensive guard for the Crimson, Corbat was selected first team All-American in 1982 and first team All-Ivy League in both 1981 and 1982. Known for his reluctance to dwell on personal accomplishments while at Harvard, Corbat had attributed the success of the Crimson's 1982 season to "everybody on the team [being] a leader" as well as the strong "team chemistry."
Corbat has been at Citigroup and its predecessor companies since his graduation from Harvard. After becoming CEO in 2012, he has focused on leveraging Citigroup's unique global network to serve its institutional and consumer banking clients with an emphasis on strong execution and the highest ethical standards. In the process, Corbat worked to strengthen Citigroup's core businesses while reducing the firm's assets by over $130 billion, and legal entities by over one-third, thereby transforming and reshaping Citigroup into a "simpler, smaller, safer and stronger institution" than it has been at any time since the financial crisis.
Citigroup's most important goal, according to Corbat, is the constant creation of a company and culture that he, and his 220,000 employees - from a diversity of backgrounds, nationalities, cultures, interests and perspectives - are proud to work for every day. As part of this objective, Corbat has promoted the development of various non-profit corporate programs, including Citigroup's $100 billion Sustainable Progress initiative to finance activities that reduce the impact of climate change as well as the $50 million Pathways to Progress initiative to build the career readiness of low-income youths.
Prior to his current role as chief executive, Corbat was CEO of Citigroup's business operations in Europe, Middle East and Africa. Corbat also served as the CEO of Citi Holdings, Citigroup's portfolio of non-core businesses and assets. In this role, he oversaw the divestiture of more than 40 businesses and divested more than $500 billion of assets, reducing risk on the Company's balance sheet and freeing up capital to invest in Citigroup's core banking business. Corbat has also served as the CEO of Citigroup's Global Wealth Management unit and was Head of the Global Corporate and Global Commercial Bank at Citigroup.
Corbat has been honored by several civic and cultural organizations, including the New York Public Library, the Metropolitan Museum of Art and the American Red Cross. He also serves as Vice Chair of the Partnership for New York City and sits on the Board of Trustees of the United States Ski and Snowboard Association, the national governing body for Olympic skiing.
Born in Bristol, Connecticut, Corbat and his wife Donna have two grown children.