Banamex

  • 08 Oct 2014 at 5:00 PM
  • Banks

Citi’s Bout Of Montezuma’s Revenge Not Entirely Unforeseeable

La Casa de Corbat may have had an inkling about the problems that led to its $400 million Mexican nightmare. Or it may not have read all of those long, boring missives that the New York Fed insisted on sending year after year. Read more »

  • 06 Jun 2014 at 1:15 PM

Lawyer Watch ’14: Citi, Steve Cohen

It’s never good when you have to call the high-powered, high-hourly-rate attorneys in. And things are not good for Mike Corbat and Steve Cohen. Read more »

Even a ratings agency can see that a $400 million loss, some impending arrests and Mike Corbat’s heartache are not good for business. Read more »

Right now we’re at a dozen (and counting). Read more »

  • 21 Mar 2014 at 3:38 PM
  • Banks

Manuel Medina-Mora Has A New Problem

Mexican senators would like to have a little chat with the Citigroup executive, re: a certain massive fraud. Or at least embarrass the bank (a little bit more) by making him decline the invitation. Read more »

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]

  • 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. Read more »