Michael E. O'Neill

Last updated

Michael E. O'Neill
Born (1946-10-31) October 31, 1946 (age 77)
Santa Monica, California, U.S.
Alma mater Princeton University (B.A.)
University of Virginia (MBA)
OccupationBusiness executive
Known for Chairman of Citigroup (2012–2019)

Michael E. O'Neill (born October 31, 1946 [1] ) is an American business executive. He served as chairman of Citigroup from 2012 to 2019. [2]

Contents

Early life and education

O'Neill was born in Santa Monica, California, and spent much of his early life in Asia and Europe. He graduated from Princeton University with a Bachelor of Arts Degree in European Civilization in 1969 and served as a lieutenant in the Marines between 1969 and 1971. [3] He received an MBA in 1974 from the University of Virginia. [4]

Career

In 1974, O’Neill joined Continental Illinois. He moved to First Interstate Capital Markets in 1984 and returned to Continental in 1989 to manage its mergers and acquisitions advisory business, becoming CFO in 1992. After Continental was acquired by BankAmerica, he became head of its global equity investments division from 1994 to 1995. From 1995 to 1999 he was BankAmerica's CFO. [4] [5]

In 1999 he became chief executive of Barclays Bank but resigned after two months because he had developed an arrhythmic heartbeat. [4] From 2000 to 2004 he was chairman and CEO of Bank of Hawaii. [4]

In 2009 he became a member of Citigroup's board of directors, and in September 2011, he became chairman of the bank's Citibank NA division, and was named chairman in March 2012. [4] He retired in 2019. [2]

Resignation of Vikram Pandit

On October 16, 2012, then CEO Vikram Pandit unexpectedly resigned and was replaced by Michael Corbat. [6] The New York Times later identified O'Neill as the driving force behind a months-long secret effort to oust Pandit, which culminated in a surprise ultimatum to Pandit stating that he must resign immediately, resign at the end of the year, or be fired. [7] His resignation followed multiple payouts to investors during ongoing fraud allegations. [8] [9]

Related Research Articles

<span class="mw-page-title-main">Morgan Stanley</span> American financial services company

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">Citibank</span> American banking company

Citibank, N.A. is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has branches in 19 countries. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.

<span class="mw-page-title-main">Maurice R. Greenberg</span> American business executive (born 1925)

Maurice Raymond “Hank” Greenberg is an American business executive and former chairman and chief executive officer of American International Group (AIG).

<span class="mw-page-title-main">Charles Prince</span> American corporate executive and lawyer (born 1950)

Charles Owen "Chuck" Prince III is an American corporate executive and lawyer. He is a former chairman and chief executive of Citigroup. He succeeded Sandy Weill as the chief executive of the firm in 2003, and as the chairman of the board in 2006. On November 4, 2007, he retired from both his chairman and chief executive duties due to unexpectedly poor 3rd quarter performance, mainly due to CDO and MBS related losses, while still receiving a $38m pay package.

<span class="mw-page-title-main">Egg Banking</span> British internet bank

Egg was an internet bank headquartered in Derby, that is now a trading name of Yorkshire Building Society. Egg was born out of the banking arm in the United Kingdom of Prudential plc, which was established in 1996, and the Egg brand was launched in October 1998. The first online credit card was launched in September 1999.

<span class="mw-page-title-main">Sallie Krawcheck</span> American business executive

Sallie L. Krawcheck is the former head of Bank of America's Global Wealth and Investment Management division and is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She has been called "the most powerful woman on Wall Street."

Robert B. "Bob" Willumstad is a former Chairman and CEO of the American International Group (AIG).

Richard Dean Parsons, an American business executive, is the former chairman of Citigroup and the former chairman and CEO of Time Warner. He stepped down as CEO of Time Warner on December 31, 2007. He was previously the interim CEO of the Los Angeles Clippers NBA franchise. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick.

Jerry Grundhofer is the former CEO and Chairman of U.S. Bancorp.

Gary Lewis Crittenden is an American financial manager. He is an executive director of HGGC, and was previously CEO and chairman. He is also the former chairman of Citi Holdings. He was chairman of Citadel, Power Holdings, and iQor; lead independent director of Pluralsight; and has sbeen on the boards of Extra Space Storage, Staples Inc., Ryerson, Inc., TJX Companies, and Utah Capital Investment Corp. From 2000 to 2007, Crittenden was executive vice president and chief financial officer (CFO) of American Express, and from March 2007 to March 2009, he was the chief financial officer of Citigroup.

<span class="mw-page-title-main">Vikram Pandit</span> Indian-born American banker

Vikram Shankar Pandit is an Indian-American banker and investor who was the chief executive officer of Citigroup from December 2007 to 16 October 2012 and is the current chairman and chief executive officer of The Orogen Group.

Sir Winfried Franz Wilhelm Bischoff was a German-born British banker who was the chairman of Lloyds Banking Group. He previously served as chairman and interim CEO of Citigroup in 2007. He was succeeded as CEO by Vikram Pandit on 11 December 2007. Bischoff stepped down as chairman on 23 February 2009 and was replaced by Richard Parsons. He had dual British and German citizenship.

<span class="mw-page-title-main">Ajay Banga</span> American business executive (born 1959)

Ajaypal Singh "Ajay" Banga is an Indian-born American business executive. He is currently the president of the World Bank Group. He was the executive chairman of Mastercard, after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020. He retired from this position on December 31, 2021, and joined General Atlantic as its vice chairman.

John E. Havens is the former chairman of Citigroup spinoff, Napier Park Global Capital, and is also the former president and chief operating officer of Citigroup.

<span class="mw-page-title-main">Michael Corbat</span> American banker (born 1960)

Michael Louis "Mike" Corbat is an American banker who served as the chief executive officer of Citigroup from 2012 to 2021. His 2012 welcome from The New York Times described him as a "Jack-of-All-Trades".

<span class="mw-page-title-main">Deborah Chase Hopkins</span> American business executive

Deborah C. Hopkins is CEO of Double Chase Advisors and is an independent corporate board member. She was Citigroup's Chief Innovation Officer, a position she held beginning in 2008, and CEO of Citi Ventures beginning in 2010. She retired from Citigroup, effective December 31, 2016.

<span class="mw-page-title-main">Jane Fraser (executive)</span> British-American banking executive (born 1967)

Jane Fraser is a British-American banking executive who is the chief executive officer (CEO) of Citigroup, a position she has held since March 2021. Educated at Girton College, Cambridge, and Harvard Business School, she worked at McKinsey & Company for 10 years, rising to partner prior to joining Citigroup in 2004. In 2019, she was named president of Citigroup and CEO of its consumer banking division.

Shayne Elliott is a New Zealand banker, and the chief executive officer (CEO) of ANZ Bank.

<span class="mw-page-title-main">Mark Mason (executive)</span> American business executive

Mark Mason is an American business executive, serving since 2019 as the chief financial officer (CFO) of Citigroup. He is one of the few black executives on Wall Street.

References

  1. ↑ Garfield, Andrew (February 12, 1999). "O'Neill takes the helm at Barclays". The Independent.
  2. 1 2 "Michael O'Neill to Retire as Chairman of Citi's Board of Directors".
  3. ↑ Bobby N. Harmon. "Woo vs. Harmon - Witness Michael O'Neil, Chair/CEO Pacific Century Financial Corp". Kycbs.net. Retrieved March 3, 2012.
  4. 1 2 3 4 5 Grocer, Stephen (March 2, 2012). "Citi's Next Chairman: A Timeline of Michael O'Neill's Career - Deal Journal - WSJ". Wall Street Journal. Blogs.wsj.com. Retrieved March 3, 2012.
  5. ↑ "Michael E. O'Neill Profile - Forbes.com". People.forbes.com. Archived from the original on April 24, 2009. Retrieved March 3, 2012.
  6. ↑ Jessica Silver-Greenberg; Susanne Craig; Michael J. de la Merced (October 16, 2012). "Citigroup's Chief Resigns in Surprise Step". The New York Times . ISSN   0362-4331. Wikidata   Q119268210 . Retrieved June 9, 2023.
  7. ↑ Susanne Craig; Jessica Silver-Greenberg (October 26, 2012). "Citi Chairman Is Said to Have Planned Chief's Exit Over Months". The New York Times . ISSN   0362-4331. Wikidata   Q119268272 . Retrieved June 9, 2023.
  8. ↑ Independent (November 8, 2012). "Why Is The S.E.C. Concealing Massive Citigroup Fraud?". Daily Bail. Retrieved November 8, 2012.
  9. ↑ "Citigroup to pay $2 billion to Enron investors". NBC News. October 6, 2005. Retrieved October 6, 2005.
Business positions
Preceded by Chairman of Citigroup
2012–2019		Succeeded by
Incumbent
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.