Take a seat. One seat.

15 October 2018 By Antony Currie Follow @AntonyMCurrie

The mega-bank was one of the first to split the chair and CEO roles in the financial crisis – and is one of the last still adhering to this best practice. It has served Citi well, augmenting the case for finding a new overseer for Mike Corbat when Mike O’Neill retires.

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Michael O’Neill will retire as Citigroup’s independent chairman at the bank’s annual meeting next April. O’Neill took on the role in 2012 after a career in banking that included stints as chief financial officer in the 1990s at Continental Bank and Bank of America, and as chairman and chief executive of Bank of Hawaii between 2000 and 2004.

Citigroup on Oct. 12 reported earnings applicable to common shareholders of $4.3 billion for the three months ending Sept. 30. Earnings per share of $1.73 were 22 percent higher than last year’s third quarter and exceeded the consensus forecast of $1.69 a share. Revenue of $18.4 billion was the same as both the previous quarter and the same period last year.

Citi’s annualized return on equity was 9.6 percent, up from 9.2 percent in the preceding three months, while annualized return on tangible equity jumped to 11.3 percent from 10.8 percent.

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