Citibank cut out
The suspension of Citibank’s private banking business by the Financial Services Agency in September has brought to light a catalogue of internal control and governance failures within the bank’s Japanese operations. And with Citi now cut out of the market, competitors are lining up to take its place.
The risks posed by mis-selling have been brought to centre stage following the closure of Citibank’s private banking business in Japan. In September, the group was ordered to suspend its private banking operations after the country’s regulator, the Financial Services Agency (FSA), uncovered a litany of regulatory abuses, including the mis-selling of structured products to high-net-worth individuals, an absence of governance and internal control systems, and a lack of management supervision.
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