Japan Shuts Unit of Citibank, Citing Violations
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Regulators ordered Citigroup to close its Japanese private banking operations because of serious violations of the country's banking laws.
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KARIWA, Japan  - A quake-hit Japanese city called in the head of Asia's biggest utility on Wednesday and ordered him to keep a nuclear plant closed until safety could be ensured after the tremor caused minor radiation leaks.
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CIT Group Inc , the consumer and commercial finance company, said on Tuesday it has closed its mortgage lending operations, resulting in the loss of 550 jobs across 25 offices.
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Citigroup , which has been raising funds since taking a huge hit from the U.S. subprime mortgage meltdown, has sold its Japan headquarters to rival Morgan Stanley  in a deal reportedly worth US$445 million.
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The brokerage watchdog NASD on Tuesday censured Citigroup Inc. (CN: Quote, Profile, Research) and fined the financial services company $275,000 for violating rules regarding sales of risky investments.
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The General Electric Companyâs Japanese consumer lending unit said it would close 60 percent of its branches and cut 15 percent of its employees as part of a restructuring plan. The GE Consumer Finance Company, a Tokyo-based lender, will shut 73 of its 115 branches and 200 of its 1,342 unmanned outlets, the firm said. The company said it would also cut as many as 400 employees out of 2,600 by the end of June.
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Three top Citigroup executives, including Vice Chairman  Deryck Maughan, are leaving the financial services giant in the  wake of a scandal at its Japanese private banking unit.
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TOKYO - In the old days in Japan, a merger between two banks would have been quietly brokered behind closed doors. But the current clash between two major Japanese banks over competing bids for a smaller rival is turning into a boisterous public brawl.
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Citigroup  is likely to list its  Japan banking unit on the Tokyo Stock Exchange as early as  July, an online Japanese magazine said on Friday.
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Citigroup&#39;s top executive in Japan endured unprecedented questioning by lawmakers on Tuesday over a scandal at the firm&#39;s private bank in the country, the latest turn in a high-profile case that has embarrassed the world&#39;s biggest
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Citigroup Inc., the world&#39;s largest bank, was forced to close its private banking operations in Japan after the nation&#39;s financial regulator reported it had found &quot;serious&quot; breaches.
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Three top Citigroup Inc. executives, including Vice Chairman Deryck Maughan, are leaving the financial services giant in the wake of a scandal at its Japanese private banking unit.
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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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Citigroup Inc is abandoning its plans to open as many as 100 U.S. branches a year, The Wall Street Journal said on Thursday.
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10/20/04- Citigroup reportedly has fired 3 senior executives in connection with a scandal involving its private banking operations in Japan.
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South Korea&#39;s markets watchdog has said it is to inspect Citigroup&#39;s local operations, days after regulators censured the bank&#39;s Japanese business.
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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.