Receiving Wide Coverage ...
Banamex Update: In Mexico, warrants have been issued for the arrest of an unspecified number of former Citigroup executives allegedly tied to a $400 million fraud at the bank's Banamex subsidiary. Citi fired 11 people last month for what CEO Michael Corbat described as "actions or inactions [that] failed to protect our company from this fraud." According to the reports, Citigroup has been made aware of the warrants but has not been told who specifically the Mexican authorities are after. Financial Times, New York Times
Wall Street Journal
This isn't the first time anyone has fretted over the outlook for home-equity lines of credit, but with an average $50 billion in Helocs ready to reset in each of the next three years, it's worth a reminder as to what's at stake.
Disruption is afoot is on the other side of the pond. The FT reports that Santander UK, Nationwide and Lloyds' spinout TSB are on track to open at least 2 million current accounts (that's British for checking accounts) in the U.K. this year. And there are more upstarts waiting in the wings to challenge HSBC, Royal Bank of Scotland, Barclays and Lloyds, which still dominate the market.
New York Times
In case you missed it, the paper on Sunday printed this: In "There's Nothing Wrong With Being a Banker," reporter and writer Josh Barro defends the career choice, in a practical, personal way that today's college graduates would understand. A former commercial real estate banker for Wells Fargo, the writer describes the useful, non-sinister nature of the work he did as a junior banker fresh out of school. The pay was good, the connection to "the real economy" felt tangible, and the work-life balance was nearly as off kilter as what Kevin Roose, author of the best-selling book "Young Money," will tell you about what he observed watching fresh college graduates beaten down by unsatisfying jobs on Wall Street.