Citigroup Inc.'s chief of risk for the institutional clients group in Mexico and the head of trade in the nation were among a dozen employees fired amid the bank's investigation of a $400 million loan fraud, according to a person briefed on the matter.

Federico Solorzano, the risk executive and a managing director, and Alfonso Ortega Brehm, head of treasury and trade services for Mexico, were among those dismissed, said the person, who requested anonymity because the information isn't public. The bank also fired Emilio Granja, a managing director, and Sergio Torres, who worked under Brehm, the person said.

Mark Costiglio, a spokesman for New York-based Citigroup, declined to comment. The four employees didn't immediately reply to requests for comment on their dismissals sent through their LinkedIn Corp. accounts.

Citigroup, in a memo today signed by Chief Executive Officer Michael Corbat, disclosed that it had fired a total of 12 people in connection with the probe, without identifying any of the employees.

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