Citigroup Inc. announced Monday that Mike Corbat has been named chief executive officer of Citi Holdings, a unit that includes brokerage and asset management, local consumer finance and a special asset pool.
Corbat had been the interim chief executive since Citi announced its realignment into Citicorp and Citi Holdings on Jan. 16.
Citi Holdings has $850 billion of assets that Citigroup plans to sell or wind down. These include the Smith Barney brokerage, which is merging into a joint venture with Morgan Stanley's brokerage; the CitiFinancial and CitiMortgage finance operations; the Primerica insurance unit, and the Nikko Cordial unit in Japan.
Citi Holdings also has $300.8 billion of troubled assets on which the government agreed in a November bailout to share losses. Citigroup has taken $45 billion of taxpayer money.
As CEO he is to work with Citi Holdings chairman Gary Crittenden to "evaluate and set the strategic course for these businesses, while tightly managing risks and losses and maximizing the value of these assets," the company said.
Corbat was the CEO of Citi's global wealth management unit. Before that, he was head of Citi's global corporate bank and global commercial bank. Previously, as head of global emerging markets debt, he was responsible for the origination, trading and sales of emerging markets fixed-income debt. He has worked at Citi since 1983.
