It hasn’t been the best month for Citi. Just last week it was the victim of hackers who stole $2.7m from its North American credit-card customers. But that’s small change compared to its latest alleged loss: a former Citigroup vice president is accused of embezzling more than $19m from the bank.
Prosecutors say the executive, who worked in the bank’s internal finance department, transferred the cash from Citigroup’s accounts to his own in separate transactions. The alleged fraud went unnoticed until a recent internal audit of Citigroup's treasury department. We should of course stress that the ex-employee in question has entered a not guilty plea, and returned voluntarily to the US when he told the authorities were looking for him. So maybe the money could still turn up down the back of a Citi sofa somewhere?