Citigroup to Close Down Unit in Japan
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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 said Monday that it would close an investment management unit in Japan and pledged to strengthen oversight of its entire Japanese operation, five weeks after regulators
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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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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 executives were forced to resign on Tuesday in the wake of Citigroup's private banking operations being shut down in Japan last month.
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Citigroup is buying the assets of the subprime lender ACC Capital Holdings, which said on Friday that it would close.
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Citigroup Inc. C.N, the world's  largest financial services company, on Friday said it will  simplify its business structure and streamline its capital  markets activities.
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Japan&#39;s stock market watchdog on Tuesday recommended Citibank&#39;s Tokyo office and two senior executives be disciplined after the bank allegedly misled investors ahead of private bond sales.
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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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Citigroup Inc.  on Friday said it is cutting jobs in its corporate and investment bank to save money, and a person familiar with the decision said more than 1,000 positions may be lost.
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Citigroup Inc. shares had their biggest one-day drop in 18 months after Merrill Lynch &amp; Co. cut its rating on the stock because Japanese regulators shut the bank&#39;s Tokyo-based private banking unit.
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Citigroup  plans to list its shares  in Tokyo and boost the number of its branches in Japan by 40  percent as the U.S. financial group looks to move beyond a  niche role in the world&#39;s second-largest economy.
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NEW YORK -- Citigroup Inc.. the financial services giant, confirmed on Wednesday that it was removing three senior executives in the wake of a banking scandal in Japan.
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General Electric Co.'s finance company in Japan is scaling back operations, trimming about 15 percent of its work force here ahead of a new cap on borrowing rates that is forcing Japanese lenders to cut costs.
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Citigroup, which recently acquired a majority stake in the Nikko Cordial Corporation, said Brandon Ginsberg had resigned as co-head of equities at its Japanese investment bank. Mr. Ginsberg has already left, said Masufumi Yoshino, head of corporate communications at Nikko Citigroup in Tokyo. No further details were available. The departure is the second change of senior managers at the unit since Citigroup bought 61 percent in April.
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Astana - New York. October 20. KAZINFORM quotes - 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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U.S. investment bank Citigroup C.N   said on Tuesday it is shedding its Citigroup Venture Capital   buyout unit amid renewed activity among banks in the buyout   sector.