Citi CEO says employees disrespected values

Citigroup appears to have evidence of wrongdoing at the bank.

CNN reports that on Friday, Citi released a memo that CEO Michael Corbat sent to his staff two weeks ago saying he has knowledge of instances in which a number of the bank's employees have 'violated our Code of Conduct and disrespected our values'.

Corbat didn't say specifically what activity he was referring to, how many employees at the bank were involved, or when it occurred. He just said that bank officials had uncovered the bad behavior over the past 16 months. Corbat said the activity was an ethical violation, but it wasn't clear whether Citi had determined if its employees have broken the law. Corbat said if the situation warrants, the bank would refer the case to the proper authorities.

Citi released the memo on the same day that it had to restate its earnings due to a fraud that occurred at a company it lent money to in Mexico. 

To access the complete CNN article hit the link below:

Citi CEO says employee broke the rules 

Credit Suisse testimony trashed by staff representatives 

image: © gabaus

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