Citigroup to Finalize Penalties With Justice Department

Citigroup to Finalize Penalties With Justice Department

In a deal expected to close next week, Citigroup may finalize penalties with the Justice Department for a price of nearly $7 billion. The hefty fine comes as an agreement to end a civil investigation as to whether the bank sold faulty mortgage-backed securities which led to the 2008 recession. Jonathan Berr of CBS News […]

Citigroup: Employees Responsible for $400M Fraud Will Be Held Accountable

Citigroup: Employees Responsible for $400M Fraud Will Be Held Accountable

The management of Citigroup Inc. said on Friday that employees responsible for the processing of around $400 million fraudulent loans will be held accountable and if proven guilty be charged according to company policies and even the law. This was announced by Citigroup CEO Michael Corbat in light of the recently discovered fraudulent loans extended […]

Citigroup Forced to Adjust Earnings After Mexico Fraud

Citigroup Forced to Adjust Earnings After Mexico Fraud

Citigroup has lowered their fourth-quarter earnings by $235 million. The cut will affect the full-year results equally. Financial transactions between Banamex, Citigroup’s Mexican subsidiary, and Oceanografia S.A. de C.V. force the parent to adjust earnings on the 2013 financial statements. Banamex, Banco Nacional de Mexico, allocated $585 million in short-term credit to Oceanografia. Oceanografia, or […]