Japanese FSA closesCitigroup’s private bank


The Japanese Financial Services Agency (FSA) has ordered Citibank Japan to shut down its entire private banking operation in the country. A series of regulatory infringements led the agency to conclude that “continued future operations [by the private bank] were inappropriate”.

The FSA’s actions are centred on the mis-selling of structured products to private clients in an environment where management “emphasised profits and deprecated compliance”. The action will hurt Citibank, as Japan is the

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