Citigroup uncovered rogue trading in Mexico, fired two bond traders

Banamex suffered paper losses from unauthorized trading that ran into the millions or perhaps even tens of millions of dollars, the sources said. A spokeswoman for Citigroup confirmed the bank had fired two fixed income traders for violating its code of conduct and said in a written statement that the bank "escalated the issue to regulators and took immediate action against" the individuals. Mexico's bank and securities regulator, the National Bank and Securities Commission, is aware of the matter, which was investigated internally by the bank, a spokesman for the regulator said. The trading loss, even if realized, would be small in the scheme of Citigroup's $13.7 billion of earnings for 2013.

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