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


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


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,…


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