The federal government had to step in to buy a stake in Citi to keep it afloat, and the bank had some of the most toxic assets on its books of all the major banks during this time.Ĭorbat turned Citi into a much smaller and stable entity, focusing on its credit card businesses and its international banking franchise. economy in a deep recession, the problems for borrowers are expected only to get worse as the country heads into the fall and winter.Ĭorbat led Citigroup for eight years, rebuilding the bank after it nearly collapsed during the Great Recession and 2008 financial crisis. With a vaccine still months away at least, and the U.S. Since early this year, banks have set aside billions to cover potential loan losses as businesses and customers alike have fallen behind on payments. and global economies will still be dealing with the impact of the coronavirus pandemic. When Fraser does take over for Corbat in February, it’s almost certain the U.S. Fraser will be one of only 32 female CEOs running a company in the S&P 500, according to Equilar. In a congressional hearing last year, the CEOs of the Wall Street banks were asked whether they expected to be succeeded by a woman in their roles, and no man raised his hand at the time.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |