Citigroup CEO Corbat Says Bank Has Finished Its RestructuringBy
Mike Corbat has declared mission accomplished.
The Citigroup Inc. chief executive officer took to the stage at the bank’s annual meeting in New York Tuesday and said the company has finished the restructuring that began more than five years ago.
“Our model is the right one at the right time,” Corbat, 56, said.
Corbat, who ran the portfolio of assets the bank was selling prior to getting the CEO job in 2012, has shrunk those holdings from more than $800 billion shortly after the financial crisis to $54 billion at the end of last year.
Still, the bank failed to meet its financial targets last year, raising concern from shareholders, investors and Wall Street analyst Michael Mayo, who asked Tuesday at the meeting whether more should be done.
Citigroup’s profit fell 14 percent in 2016 and return on assets failed to meet the bank’s 2016 target. Mayo criticized the CEO in January for repeatedly missing targets and failing to set clear 2017 goals that investors could use to hold management accountable.
The company’s goal for return on tangible common equity in 2019 is 10 percent.