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Citigroup Picks Corbat to Cut Fat

New CEO is expected to pare bank's holdings and overhaul management.

By Bradley Keoun, Max Abelson and Donal Griffin | Updated on October 17, 2012

Citigroup Inc. paid a hedge-fund manager with a doctorate in finance more than $200 million over five years to save the bank from the brink of collapse. Now it’s turning to a former Harvard football lineman to run it better.

The board of directors replaced Chief Executive Officer Vikram Pandit with Michael Corbat, who “will place a special emphasis on sharpening the company’s focus on achieving sustained, strong operating performance,” Chairman Michael O’Neill said on a conference call yesterday.

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