Home / Centerstage / 2014 / december / Week 4 /
Despite Charles Prince's commitment to overhaul controls, Citigroup's Japanese retail unit faces ongoing challenges. Japanese regulators had accused the bank of improper lending practices in 2004, leading to the closure of its private banking operations. Over the following decade, Citigroup faced penalties from Japan's Financial Services Agency for issues including anti-money laundering controls. These challenges resulted in customer attrition, as many Japanese clients switched to other private banks.
Thursday, 25 December, 2014