- Citigroup (C) will adjust downward its Q4 results by $235M as a result of a fraud discovered in its Mexican operations. Full year net income will now be $13.7B.
- The shennanigans surrounds loans made to a Mexican oil services company (a key supplier to Pemex) through an accounts receivable financing program.
- "While Citi's review of these matters is ongoing, Citi believes the fraud is isolated to this particular client."
- Press release
- Shares -0.8% premarket
Citi discovers fraud in Mexican unit; cuts Q4 earnings
From other sites
Video at CNBC.com (Aug 25, 2015)
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