Citigroup CEO Mike Corbat, speaking at the Sanford Bernstein conference on Thursday, said there were “telltale” signs about the fraud in the bank’s Mexico unit.
Equities and fixed-income are challenging.
Citigroup CEO Michael Corbat spent almost three months talking about his intent to change the bank’s culture after fraud and a regulatory review exposed weak controls. Yesterday he took action.
More will face punishment.
One person has already been terminated.
The two men at the top of Citigroup acknowledged on Tuesday that the company must do more to simplify itself.
Expenses and efficiency.
Citigroup agreed to pay $1.13bn to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. It took a $100m first-quarter charge.
Citigroup, the biggest bank to fail Federal Reserve stress tests last week, asked Eugene McQuade to cancel his retirement and lead the company’s submissions over the next year.
Citigroup will consider clawing back compensation or shrinking 2014 pay for any employees linked to a $400m loan fraud at its Banamex unit in Mexico.