Activist ValueAct played a key role in speeding up Citigroup CEO’s retirement, sources say

SourceCNBC
SectorEconomy
CountryMiddle east

CEO Michael Corbat answers questions at Citi's 2017 Investor Day.Source: Citigroup.comThree years ago, Michael Corbat strode onto the stage of a midtown Manhattan ballroom in midtown Manhattan and proclaimed that a new day had arrived at Citigroup.The bank had set up the July 2017 event, its first investor meeting since the 2008 financial crisis nearly sank the firm, as a splashy reset for the shareholder community. Held within a grand limestone building that once housed the Greenwich Savings Bank, the message from Corbat was clear: Despite missing previous performance goals, the bank had completed an expensive overhaul and could now be trusted."You have been patient with us," Corbat told the audience, sounding almost apologetic. "And I want you to know that we don't take that patience for granted and we ...read more...