Wall Street Wednesday Digest: Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), Banco Bradesco SA (ADR) (NYSE:BBD), Citigroup Inc (NYSE:C)

Boston, MA, 02/19/2014 – Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) has confirmed an internal audit to look into the claims of irregular contracts after documents leaked allegations that it received bribes from SBM Offshore to award contracts. It is claimed that PBR officials received about $139 million in irregular payments for contracts awarded to SBM. This latest relation is part of the nearly two years of probe into SBM’s commercial activities. PBR has said that it expects to zero in on its internal audit in 30 days. The internal audit reportedly commence on February 10. Petrobas remains the world’s most indebted oil company. It is faced with low production levels, poor pricing systems in the domestic market and increasing expenses. Shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) continued their downfall in the last session whereby each share shed 31 cents in its market value to settle south at $11.20.

Banco Bradesco SA (ADR) (NYSE:BBD): Having reported encouraging results in the most recent quarter, BBD is looking to a much better year in 2014 than what it experienced in 2013. The company hopes that volume of loan operations will continue to expand due to new jobs and increased earnings. These two factors will also feed its insurance arm. According to the latest securities filing, BBD is training its eyes on loans growth of between 10 and 14 percent, ahead of the 10.8 percent noted in 2013. The challenge that lenders like Banco Bradesco have faced is competition from state-backed banks which are also competing in extending credit to companies and individuals. Banco Bradesco SA (ADR) (NYSE:BBD) gained one cent in the last session leading the stock price to hit $11.11 per share.

Citigroup Inc (NYSE:C) has won dismissal of a lawsuit that sought to put it at blame over the wrongs committed by the secretary attached to former Wall Street banker. Mr. William Salomon blamed the bank for the $1 million that his personal secretary Karen Febles allegedly stole from him. However, it has been established that such claims cannot stand and thus the lawsuit collapsed.  Citigroup Inc (NYSE:C) lost 14 cents on each of its shares to conclude the last session at $49.38.

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