(Bloomberg) -- Citigroup Inc. and Apollo Global Management Inc.’s “impossible to replicate relationship” is what brought the landmark private credit partnership to fruition, said Richard Zogheb, the bank’s global head of debt capital markets.Most Read from BloombergClimate Migrants Stand to Overwhelm World’s MegacitiesVanderbilt Leases Struggling NYC Seminary for Campus ExpansionNew Rowhouses in London That Offer a Bridge to the 19th CenturyNJ Transit, Amtrak Trains Delayed After Derailment Near
Citigroup warned some employees about fraud and unethical behavior and said it is considering tighter scrutiny on work done by contractors to ensure the company is billed accurately, according to a memo seen by Reuters on Friday. Citi has struggled to fix weaknesses in its controls and risk management. "Citi has zero tolerance for fraudulent and unethical behavior from our employees, non-employees and suppliers," according to the internal Citi memo seen by Reuters.
C enters into an agreement with APO to form a $25 billion private credit, direct lending program.