Citigroup To Consider Clawbacks Or Pay Cuts Over Banamex Fraud

News: US-based financial services company Citigroup would consider pay cuts or clawing back compensation for any employees involved in a US$400mn loan fraud at its Banamex unit in Mexico. The threat of clawbacks comes on the back of CEO Michael Corbat's promise of accountability for fraud on loans to a Mexican firm that cut 2013 profits by US$235mn. Corbat described the incident as a 'despicable crime' and promised to punish anyone involved, reports Bloomberg.

News: US-based financial services company Citigroup would consider pay cuts or clawing back compensation for any employees involved in a US$400mn loan fraud at its Banamex unit in Mexico. The threat of clawbacks comes on the back of CEO Michael Corbat's promise of accountability for fraud on loans to a Mexican firm that cut 2013 profits by US$235mn. Corbat described the incident as a 'despicable crime' and promised to punish anyone involved, reports Bloomberg.

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Geography: Mexico
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