The new chief executive of Citigroup cut his teeth in investment banking at the preeminent bond house of the 1980s, Salomon Brothers, but his career in business began while a student at Harvard – where he was also much admired among the university's kitchen staff.

Michael Corbat, previously head of Citi's operations in Europe, the Middle East and Africa, was today announced as the successor to Vikram Pandit, who resigned unexpectedly.