FILE PHOTO - Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton

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Citigroup executives were pummeled by industry analysts on the bank’s quarterly earnings call Tuesday, as chief executive Michael Corbat and chief financial officer Mark Mason left some analysts with more questions than answers.

Analysts asked a barrage of questions around uncertainty surrounding the bank’s CEO succession plans in 2021 and its strategy for cleaning up messy infrastructure issues that recently led to a $400 million fine from federal regulators. 

The bank caught many analysts off-guard when it announced this September that Corbat would be retiring in February 2021. Corbat’s departure came after it became clear regulators were losing patience with his inability to fix risk, compliance, and technology systems, Business Insider previously reported. 

Jane Fraser, the bank’s president and CEO of its consumer banking division, was named Corbat’s successor, making her the first woman to serve as the chief executive of a major US bank.

The group of analysts pulled no punches on the more than 90-minute call in asking pointed questions, at one point even calling out Corbat for not throwing in the towel on his leadership roughly five months before he is due to step aside.

“Why isn’t Citigroup the new Wells Fargo in terms of regulatory …read more

Source:: Businessinsider – Finance


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