Citi sources: Tighter controls urged for years at Banamex

|By:, SA News Editor

CYA maneuvers commence at Citigroup (C) where some former and current senior executives claim to have urged tighter controls in Mexico but were rebuffed by Banamex's managers, reports Bloomberg. 'We dispute assertions by anonymous sources peddling theories that the management team is somehow unaccountable or autonomous," says Citigroup spokesman Mark Costiglio.

Banamex waved off efforts to integrate systems with Citigroup and was slow to improve controls, technology, and corporate governance, say Bloomberg's sources.