• 06 Mar 2014 at 10:45 AM
  • Banks

Citigroup Embarks On Unnecessary Review

Mike Corbat and co. guess they’ll have to look at everything after Citi’s recent bout with Montezuma’s Revenge, even though they’re quite sure all’s well now.

“We really look at this as being an isolated incident, and we’ve got a great deal of confidence in saying that,” said Citigroup CFO John Gerspach at an industry conference on Monday.

He said that Citigroup had kicked off a review of its accounts receivable programs for suppliers all over the world — of which it has $14 billion — after learning of the fraud.

“The only customer where we saw any issues like this was in this one client relationship. So we’re fairly confident that this, in fact, is an isolated incident,” said Mr. Gerspach….

Mr. Corbat on Friday had said that Citigroup had begun a review of its accounts receivables programs, adding that “at this point, we believe this is an isolated incident.”

Citigroup CFO Says that Mexico Fraud Was Isolated Incident [WSJ MoneyBeat blog]

10 comments (hidden to protect delicate sensibilities)
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Comments (10)

  1. Posted by Guestalt | March 6, 2014 at 10:53 AM

    Thanks for the broken link in your article, Shaz. Just when I thought the innumerable versions of "Shaz sucks" jokes had run their course, you had to go had to go back to pissing in the electric fence.

  2. Posted by Citi review team | March 6, 2014 at 11:01 AM

    We're going to Mexico !

  3. Posted by Shaz's beard | March 6, 2014 at 11:41 AM

    That's the Shazmanian Devil we all know and love.

  4. Posted by El Guesto | March 6, 2014 at 11:44 AM

    For a small fee, El Guesto can help Citi execs to cross back to the U.S.

  5. Posted by Guest | March 6, 2014 at 11:49 AM

    Citi,

    I know how embarrassing this can be for you. I believe my firm, TGG, can help you through this challenging period. TGG aims at helping companies improve their cultures and use of technology, and is promoting "a novel approach to address the challenges that large complex organizations face in compliance, fraud, corruption, and culture and reputation. I have experience at big, bulge bracket firms.

    Call me.

    Your pal,
    Vik

  6. Posted by J Corzine | March 6, 2014 at 11:52 AM

    If you have a couple of billions around in need of a witness protection program, call me. I can help.

  7. Posted by The real Vik | March 6, 2014 at 11:54 AM

    And if Citi is about to fail, why don't you just transform it into a hedge fund and sell it to Citi. Call me. We offer complete turnkey solutions.

  8. Posted by Chucky Prince | March 6, 2014 at 1:51 PM

    baby TGG ain't got shieet on albright stonebridge

  9. Posted by Gustavo Fring | March 6, 2014 at 1:53 PM

    Los Pollos Hermanos has the cross-border transportation infrastructure and years of US-Mexico Shipping and Logistics experience.

    Call me,

    Gus

  10. Posted by El Enron | March 6, 2014 at 2:53 PM

    Dear Citi,

    Can you pls extend my firm an additional $500m for off-balance sheet investments? We're good for it

    Thanks
    Ken