Monday, March 10, 2014

Citigroup Dealing with a $400 Million Fraud Scandal at Mexican Subsidiary


There's a scandal at the bank’s Mexican subsidiary shows that the chief executive Michael L. Corbat still has work to do, as the development revives some familiar concerns about the sprawling bank’s ability to manage risk...Citigroup told the media on Friday that it had recently uncovered fraud in its Mexican banking unit, Banamex, forcing the bank to restate its 2013 earnings....

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Bank Scandal: Citigroup Dealing and a $400 Million Fraud Scandal at Mexican Subsidiary | AT2W

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