Citigroup executive Manuel Medina-Mora has spent decades cultivating his influence in Mexico, so much so that people in the bank refer to him as Mr. Mexico. It is a hard time to hold that title. Mexico, once a bright spot for Citigroup, is facing a string of problems. The most recent came this month with the announcement in Citigroup’s annual report that regulators and the U.S. attorney in Massachusetts were asking questions about the anti-money-laundering compliance procedures at the U.S. unit of Banamex…The disclosure of the probes came three days after Citigroup said it would have to reduce its previously disclosed 2013 profit by $235 million after a $400 million loss in its Mexico unit due to a potentially fraudulent account the bank had with oil-services firm Oceanografía SA…the string of issues could create friction between Mr. Medina-Mora and Citigroup CEO Michael Corbat, said people familiar with both men’s thinking. “If another preventable loss occurs” in his area, “then I think [Mr.] Medina-Mora would likely be held accountable by Citi’s board in some way or fashion,” says Brian Kleinhanzl, a banking analyst at KBW. [WSJ]

8 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (8)

  1. Posted by Ted E. | March 12, 2014 at 9:35 AM

    Note to compliance: Just keep tabs on everyone with three names, mk?

  2. Posted by SMU Secure | March 12, 2014 at 9:52 AM

    Massachusetts – Moral turpitude incarnate.

  3. Posted by Guest | March 12, 2014 at 9:53 AM

    I would have thought the sovereign nickname was more of a giveaway.

  4. Posted by Guest | March 12, 2014 at 9:55 AM

    "would likely be held accountable by Citi’s board in some way or fashion?"

    you mean dude hasn't been frog-marched out with a black bin-liner yet?!

  5. Posted by guest | March 12, 2014 at 10:11 AM

    are you some kind of moron?

  6. Posted by geography quant | March 12, 2014 at 10:12 AM

    which part of the above post has anything to do with MA?

  7. Posted by HotKarl | March 12, 2014 at 10:26 AM

    There's only 1 real Mr Mexico motherfuckers…

    – M Vick

  8. Posted by N Wacker Stud | March 12, 2014 at 10:29 AM

    Is everyone in Texas really like this? This is depressing.