Don't invest in Bitcoin, go with 'trusted brands' instead: Citigroup Says Mexican Subsidiary Was Defrauded of as Much as $400 Million

At the helm of Citigroup for just a year and a half, Michael L. Corbat has been trying to transform into a boring bank a global giant that has been plagued in the past by blowups and bailouts.

Don't invest in Bitcoin, go with 'trusted brands' instead: Citigroup Says Mexican Subsidiary Was Defrauded of as Much as $400 Million Dbpix-corbat-articleInline

Don't invest in Bitcoin, go with 'trusted brands' instead: Citigroup Says Mexican Subsidiary Was Defrauded of as Much as $400 Million Dbpix-corbat-articleInline

Now a scandal at the bank’s Mexican subsidiary shows that the chief executive still has work to do, as the development revives some familiar concerns about the sprawling bank’s ability to manage risk.

Citigroup said on Friday that it had recently uncovered fraud in its Mexican banking unit, Banamex, forcing the bank to restate its 2013 earnings.

Citigroup said as much as $400 million was misappropriated in the fraud. In a harshly worded memo to employees, Mr. Corbat said it was unclear how many people were involved in the activity, which centered on the oil services company Oceanografía.

http://dealbook.nytimes.com/2014/02/28/citigroup-revises-earnings-on-fraud-in-mexico/?hpw&rref=business
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Don't invest in Bitcoin, go with 'trusted brands' instead: Citigroup Says Mexican Subsidiary Was Defrauded of as Much as $400 Million

Don't invest in Bitcoin, go with 'trusted brands' instead: Citigroup Says Mexican Subsidiary Was Defrauded of as Much as $400 Million

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