Post-Citibank repercussions
The suspension of Citibank’s private banking business in Japan by the Financial Services Agency last year brought to light a catalogue of internal control and governance failures. And the episode could have an impact on other private banks in the region, as Joseph Radford discovers
The risks posed by mis-selling have again been brought to centre stage following the closure of Citibank’s private banking business in Japan. In September last year, the group was ordered to suspend its private banking operations after the country’s regulator, the Financial Services Agency (FSA), uncovered a catalogue of regulatory abuses, including the mis-selling of structured products to high
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