Citi employee said left with documents connected to suspected fraud

Sombrero

A Citigroup employee in Mexico left the bank’s offices with documents related to a suspected $400m loan fraud, according to two people briefed on the incident.

Bloomberg reports that the junior worker at the bank’s Banamex unit took invoices bearing forged signatures from an office in Ciudad del Carmen on the Gulf Coast after the lender discovered the fraud in February, said one of the people, who requested anonymity because the information wasn’t public. The employee has since been fired, the other person said, declining to specify whether the documents have been recovered.

Bogus loans to oil-services firm Oceanografia SA, also based in Ciudad del Carmen, reduced the bank’s 2013 profit by $235m, Citigroup announced on February 28. At the time, Chief Executive Officer Michael Corbat called it an isolated incident and a 'galling example' of what happens when employees fail to act with the highest ethical standards.

To access the complete Bloomberg article hit the link below:

Citigroup Mexico Worker Said to Take Papers Tied to Fraud

Citigroup Said to Cut Up to 300 Jobs in Global Markets Division

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts