Citigroup Embarks On Unnecessary Review

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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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