Citigroup fires four senior executives at Mexican Banamex Unit

4-traders.com reported Citigroup Inc has fired four senior executives and seven other employees, saying they failed to do enough to protect the bank from loan fraud at its Mexican unit Banamex, according to an internal memo sent to staff on Wednesday.

With the latest round of firings, the bank has terminated a dozen employees after learning of the Banamex fraud, underscoring the extent of Citigroup’s problems at the unit. Citigroup has discovered some $565 million in loans linked to fraud at Banamex, suffered losses on loans made to homebuilders in Mexico, and fired a pair of rogue traders at the unit. Read Article