Citigroup turns to veteran hand

October 17, 2012 03:51

In 2009, as Citigroup Inc. began to dig out of the worst financial crisis in decades, the bank handed Michael Corbat the task of overseeing a jumble of unwanted businesses and securities deemed too risky or unconnected to hold.

Now Mr. Corbat, 52 years old, is getting the chance to run the side of Citi worth keeping.Citi named Mr. Corbat chief executive on Tuesday, succeeding Vikram Pandit. The appointment follows Mr. Corbat's run as head of Citi Holdings, an operating unit the New York-based bank formed to house businesses slated for disposal.

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