Five years after Citigroup became a symbol of all that was wrong with big banks, the country's third-largest bank appears to be bracing for a new round of scrutiny into its ethics.
Citigroup said Friday it had found evidence of fraud in its Mexican operations, related to $585 million of loans that unit had made to an oil-services company. The apparent fraud forced Citi to restate its most recent earnings, lowering its fourth-quarter and overall 2013 profit by $235 million after taxes. It also inspired some unusually blunt, and angry, public language from Chief Executive Michael Corbat.
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