Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.
Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, posted profit that beat analysts’ estimates on lower loan losses, growth in wealth management and a gain from selling part of its credit-card arm.
The executive suite at Citigroup Inc.’s headquarters in New York where Michael Corbat has his office hasn’t been renovated since its previous occupant, Vikram Pandit, vacated the premises in October 2012.
Credit Agricole SA, France’s third- largest bank, swung to a fourth-quarter profit from a record loss a year earlier, helped by earnings from French consumer banking and a tax rebate. The shares rose the most in a month.