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

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CEO Michael Corbat answers questions at Citi’s 2017 Investor Day.

Source: Citigroup.com

Three years ago, Michael Corbat strode onto the stage of a 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,…



Source cnbc.com

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