Corbat becomes CEO of Citi Holdings

By Stephen Bernard | April 7, 2009, Tuesday |

Print Edition

CITIGROUP Inc yesterday took the "interim" out of Mike Corbat's title as chief executive of Citi Holdings, the business that includes the riskier assets at the big banking company.

Corbat had been overseeing the unit since Citigroup announced it was splitting its operations into two parts in January. With losses tied to the credit crisis and recession mounting, Citigroup separated its more traditional banking units from the riskier operations.

In addition to the riskier assets, Citi Holdings also oversees Citi's asset management and consumer finance segments.

The unit that operates more traditional banking operations is called Citicorp. The split is part of Citigroup's effort to return to profitability and streamline its operations.

Citi has been among the hardest hit banks by the ongoing credit crisis and recession. Analysts widely expect Citi to post a sixth consecutive quarterly loss when the bank announces first-quarter results later this month. The New York-based bank lost US$8.29 billion in the fourth quarter.

The government has provided Citigroup with US$45 billion to help bolster its balance sheet and additional guarantees on hundreds of billions of dollars in risky loans and investments.

Corbat will work closely with Gary Crittenden, who was recently named chairman of Citi Holdings.

Crittenden had previously served as chief financial officer of Citigroup.

Finance

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Corbat becomes CEO of Citi Holdings

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