I thought this was telling in the FT this morning:
The US Federal Reserve has ordered Citigroup to improve its compliance with anti-money laundering rules, citing deficiencies at an affiliate of Banamex, its prized Mexican banking arm.
Citi is required to develop plans to strengthen its anti-money laundering procedures and adequately fund its risk-management programmes. There were no fines as part of the Fed order.
I added the emphasis.
Citi has been more than capable of adequately funding bonuses. But not anti-money laundering procedures apparently.
What does that say about their priorities?
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It says, quite simply, that such an organisation is not trustworthy.