Citigroup CEO Corbat defends bank sponsorship of event honoring controversial Brazilian president

Citigroup CEO Michael Corbat defended the Wall Street bank's sponsorship of an event honoring Brazil's president. Appearing on CNBC's "Squawk on the Street" on Thursday, Corbat said the bank's commitment to the LGBT community is clear and unwavering. Brazilian president Jair Bolsonaro has a history of homophobic comments. Bolsonaro recently said Brazil cannot become a "gay tourism paradise."