Citigroup to close trust bank unit in Japan
AFP, Tokyo
Citigroup Inc. said Monday it will close its trust banking unit in Japan as part of an overhaul of its operations in addition to shutting down its private banking business, as ordered by the financial watchdog last month. Four branches operating Citibank's private banking division for high net worth clients in Japan will be closed after amassing profits illegally and misleading customers and inspectors. Citibank Japan's new chief executive Douglas Peterson said Citigroup has already removed 12 workers believed to have engaged in illegal activity and reduced salaries for 11 employees. "We now recognise problems and I am determined to fix them," Peterson told a news conference after the bank announced a business improvement plan for its Japanese operations.
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