Mike Corbat may not have much cared for his job as CEO of Citigroup, but he was still supposed to stick around for another couple of years and give Marianne Lake a fighting chance of convincing Jamie Dimon to become Secretary of Commerce or run for mayor or light an M-80 behind him and let his heart take care of the rest and allow her to take her rightful place as the first female leader of a major U.S. bank. Unfortunately, Citi’s woeful risk management infrastructure did what it does, over and over and over again, and reminded regulators that Citi and Corbat hadn’t really done all they promised, sotto voce, to do to fix those systems, and that maybe a highly public reminder to do so was in order. And since Citigroup replaces its CEOs when its regulators take public notice that they’re not up to snuff, Lake’s rendezvous with destiny took a wrong turn, almost as if Citi was processing the transaction.
