More Citi employees to face discipline

Terminator

One person has already been terminated.

Bloomberg News reports that Citigroup CEO Michael Corbat said he expects others to be disciplined after the bank fired an employee linked to a suspected $400m fraud at the company’s Mexico unit.

'One person has already been terminated', Corbat said at the firm’s annual meeting in St. Louis. 'I expect that others will be disciplined as well - either for actions, or, just as important, inactions that helped enable this fraud'.

The case involved bogus loans to Mexican oil-services firm Oceanografia SA that reduced the bank’s 2013 profit by $235m, Citigroup said on February 28. Corbat today didn’t name the fired employee. Two people briefed on the incident said earlier this month that a Citigroup worker in Mexico left the bank’s offices with documents related to the suspected fraud. The junior worker at the Banamex unit has since been fired, one of the people said.

To access the complete Bloomberg article hit the link below:

Citigroup CEO Says More Face Discipline on Mexico Fraud

Barclays Plans to Exit Most Commodities Activities 

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

Register for Financial Markets News Alerts