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Citigroup CEO faces grilling over failed plan, missed target

By David Henry (Reuters) - As Citigroup Inc <C.N> Chief Executive Mike Corbat prepares to talk to investors on Monday about the bank's biggest failure during his 18-month tenure, his biggest struggle may be with how little he knows about the reason he failed.

Client data leaked at Citibank, Standard Chartered

SEOUL, April 10 (Yonhap) - Another data breach in South Korea has occurred at two foreign banks, with some of the leaked client information being circulated, financial authorities said Thursday. According to the authorities, data involving some 50,000 clients have been stolen from Citibank Korea Inc. and Standard Chartered Bank Korea. In December, personal data of some 130,000 customers of the two banks were also found to have been leaked.

Client data leaked at Citibank, Standard Chartered

SEOUL, April 10 (Yonhap) - Another data breach in South Korea has occurred at two foreign banks, with some of the leaked client information being circulated, financial authorities said Thursday. According to the authorities, data involving some 50,000 clients have been stolen from Citibank Korea Inc. and Standard Chartered Bank Korea. In December, personal data of some 130,000 customers of the two banks were also found to have been leaked.

Citibank Korea to downsize branches

SEOUL, April 8 (Yonhap) -- Citibank Korea Inc., the South Korean unit of U.S.-based Citigroup Inc., said Tuesday that it plans to close or consolidate its branches operating across the country by 30 percent, a move seen to help beef up its falling profitability. The lender said the number of its branches will be reduced to 134 from 190. It also said it will focus on wealthy customers in Seoul and other major cities such as Busan, denying rumors that it would pull out of the country.

Fraud involving Citigroup's Mexico unit a "painful episode," exec says

Acapulco, Mexico, Apr 4 (EFE).- The chief executive of Mexican bank Banamex said a case of bad loans made by the Citigroup unit to oil-services company Oceanografia, detected in February, was a "costly and painful episode." Javier Arrigunaga, who is also chairman of the Mexican Banking Association, or ABM, added that Banamex posted higher net income last year despite that blow and has more than 150 billion pesos ($11.5 billion) in capital, "which is the highest in the system."

Citigroup names McQuade to lead new Fed application: memo

NEW YORK (Reuters) - Citigroup Inc <C.N> said on Thursday that Gene McQuade, a bank executive who was retiring to become a director, will lead a new push to win permission from the Federal Reserve to pay higher dividends and buy back stock. The announcement came in a memo to employees from CEO Mike Corbat. Corbat said the Fed's rejection last week of Citigroup's plan to distribute capital "is a call to action for our firm."

Citigroup faces criminal probe for fraud at Mexico unit: source

(Reuters) - Federal authorities have opened a criminal investigation into a $400 million fraud involving Citigroup's Mexican unit, according to a person familiar with the matter. Citigroup disclosed in February it had discovered at least $400 million in fraudulent loans in its Mexico subsidiary, Banco Nacional de Mexico, known as Banamex, and said employees may have been in on the crime. The bad loans were made to Mexican oil services company Oceanografia, a contractor for Mexican state-owned oil company Pemex.

Citigroup faces criminal inquiry for fraud at Mexico unit: NYT

(Reuters) - Federal authorities have opened an investigation into a $400 million fraud involving Citigroup's Mexican unit, the New York Times reported, citing people briefed on the matter. Citigroup disclosed in February it had discovered at least $400 million in fraudulent loans in its Mexico subsidiary, Banco Nacional de Mexico, known as Banamex, and said employees may have been in on the crime. The bad loans were made to Mexican oil services company Oceanografia, a contractor for Mexican state-owned oil company Pemex.

Citigroup uncovered rogue trading in Mexico, fired two bond traders

By Elinor Comlay and David Henry (Reuters) - Citigroup's <C.N> Mexican subsidiary Banamex fired two bond traders after uncovering rogue trading last year, two sources close to the matter said, raising fresh questions over what controls the troubled unit had in place to police employees. Banamex suffered paper losses from unauthorized trading that ran into the millions or perhaps even tens of millions of dollars, the sources said.

Chinese bank reprimanded for not reporting business operation

SEOUL, April 1 (Yonhap) -- A Seoul branch of a Chinese bank was reprimanded by South Korean financial authorities for violating the local foreign exchange law, sources said Tuesday. The Financial Supervisory Service (FSS) issued a warning to an official at the Bank of China's Seoul office after discovering during inspection that the bank had not reported a change in its foreign exchange business to the authorities, according to the sources. It is the first time for the financial watchdog to take punitive action against a Chinese bank branch.
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