Banamex, the Mexico unit of Citigroup, has had its share of troubles in 2014. Allegations of fraud, stock market drops, the dismissal of 12 compliance and management executives, and the departure of two senior leaders have all struck the institution within the past few months.
Probes on Banamex and its parent company this year have pointed to potential flaws in anti-money-laundering and anti-fraud compliance, raising expectations for the US parent institution to clean up the debris from the fraud scandals and increase due diligence on its internal operations overall.
However, the beginning of the last quarter of the fiscal year seems to bear more bad news for the bank. This week, the personal security unit of Banamex was dismantled in response to a new disclosure of fraud involving bank employees, and two high-level bankers of the Mexican unit have said goodbye, raising doubts that the bank’s troubling saga is over.
Scroll through the presentation below to read more about Citigroup and Banamex’s “horrible year”: