Citigroup reports $400 Million fraud in Mexico unit

"Citigroup Inc (C.N) said on Friday that it has discovered at least $400 million in fraudulent loans in its Mexico subsidiary and said employees may have been in on the crime.

'I can assure you there will be accountability for those who perpetrated this despicable crime and any employee who enabled it, either through lax supervision, circumvention of our controls or violating our code of conduct,' Citigroup's CEO Michael Corbat said."

Several employees were subsequently heard to be falling off their chairs laughing.

Citigroup reports fraud in Mexico unit, lowers 2013 results | Reuters