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]

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10 Responses to “Citigroup Embarks On Unnecessary Review”

  1. Guestalt says:

    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. Citi review team says:

    We're going to Mexico !

  3. Guest says:


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  4. J Corzine says:

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

  5. The real Vik says:

    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.

  6. El Enron says:

    Dear Citi,

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