Citi Says Signs of Mexico Fraud Weren’t Escalated – WSJ

Michael Corbat, chief executive of Citigroup Inc., on Thursday offered the clearest picture yet of the failures surrounding alleged fraud in the bank’s Mexico unit, saying employees missed signs of trouble they should have recognized and elevated to superiors.

“There were telltales along the way,” Mr. Corbat said during an investor conference in New York. He promised the bank would work on motivating and encouraging employees to raise their concerns when they notice potential problems.

via Citi Says Signs of Mexico Fraud Weren’t Escalated – WSJ