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Citigroup CEO Michael Corbat Tells Fox Business That 'We’ve Got the Right Business Model'

January 23, 2014 | About:
FoxBusiness

FoxBusiness

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In an interview to appear on FOX Business Network’s (FBN) Countdown to the Closing Bell (3PM/ET), Citigroup CEO Michael Corbat speaks with anchor Liz Claman about the company’s recovery. Corbat says, “I think when we look back, we've done a pretty monumental transformation of the company” and that “we feel like we've got the right business model and the right mix of businesses.” Corbat also comments on cyber security saying, “I think the threat of cyber security is absolutely real” and that this is “an area where we dedicate a lot of resources, people, hours, money, to making sure that we've got the best technology.”

Excerpts from the report are below.

On Citigroup’s recovery:

"I think when we look back, we've done a pretty monumental transformation of the company.  We've really taken the company back to the roots.  We've shed $700 billion and $800 billion of non-core assets and businesses, and, again, really taken the institution back to, what we think it should be.  And I think, you know, we've continued this year.  We continued to do some streamlining and tweaking.  But I think we feel like we've got the right business model and the right mix of businesses."

On cyber security:

“I think the threat of cyber security is absolutely real.  It's an area where we dedicate a lot of resources, people, hours, money, to making sure that we've got the best technology.  And, again, it's not something you can rest on because these cyber-attacks continue to morph.  And we've got to make sure that the things we're doing to protect our clients and the information and the data stays cutting edge.”

On whether he fears tapering from a business standpoint:

"I think, again, this is an experiment I don't think any of us have ever seen before.  And we've got to understand that.  But again, I think provided tapering is being taken out because there's real underlying growth to the economy, I think it's OK."

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