Company to shut Japan trust unit in light of scandal
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TOKYO -- Citigroup Inc. said yesterday it will close its trust banking unit in Japan within a year, after Japanese authorities ordered the US financial services giant to suspend its private banking business there.
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Citigroup Inc. said Monday it will close down its trust banking unit in Japan within a year, after Japanese authorities ordered the US financial services giant to suspend its private banking business.
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Britain's Cable and Wireless is in talks to leave Japan by selling its money-losing Japanese unit to Softbank or an investment firm of Tokyo, a report said.
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Japan's financial regulator on Friday  ordered the Japanese commercial banking unit of Citigroup Inc.  to close four offices for violating banking laws.
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The UK's investment watchdog shuts down a property investment firm that took Â£10m from 180 customers.
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Japanese insurer Millea Holdings Inc.  (8766.T) said on Thursday it will voluntarily have its shares  delisted from the U.S. Nasdaq market and stop reporting its  earnings under U.S. accounting rules to save costs.
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Japan on Friday ordered Citigroup Inc. (CN: Quote, Profile, Research) to close its Japanese private banking offices after uncovering a series of
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TOKYO, Sept. 12 -- Japanese Prime Minister Shinzo Abe announced Wednesday he would resign, ending a year-old government that has suffered a string of damaging scandals and a humiliating electoral defeat.
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U.S. insurance company Prudential  Financial Inc.  said on Wednesday that it will shut down  its institutional stock research and trading business,  Prudential Equity Group, ending a rocky 26-year stay on Wall  Street.
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Shares in Japanese electronics group Sanyo sink on news that watchdogs are investigating its accounts.
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Japan's financial regulators may suspend or even end some private banking operations at the Japanese commercial banking unit of U.S. financial services firm Citigroup Inc., the Nihon Keizai newspaper said on Thursday.
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TOKYO/NEW YORK  - Japan on Friday ordered  Citigroup Inc. C.N to close its Japanese private banking  offices after uncovering a series of problems, including  failing to prevent suspected money laundering.
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HSBC Holdings Plc  said on Friday it will close its U.S. subprime unit, Decision One Mortgage, and record an impairment charge of about $880 million, saying the mortgage business is no longer sustainable.
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Securities regulators are planning sanctions soon against a company that recently stopped selling high-fee mutual funds to military officers, people familiar with the situation said Friday. Some big fund companies say they may reconsider the so-called contractual plan funds.
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Japan's Supreme Court ruled on Monday  that troubled bank UFJ Holdings Inc. can pull out of a deal to  sell its trust business to a smaller rival, clearing the way  for a full takeover of UFJ by larger Mitsubishi Tokyo Financial  Group (MTFG).
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Livedoor Co., Japan's scandal-tainted Internet firm, has said it has decided to sell all of its financial operations, which were once the driving force behind its rapid expansion.
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General Electric Co.'s  consumer  finance arm plans to close 60 percent of its personal loan  branches in Japan and shed up to 400 employees amid an  industrywide slump prompted by tighter regulation.