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Citi closing trust bank in continuing Japan wealth implosion


Citigroup is closing its trust bank in Japan in addition to its private banking operations, after chief executive Charles Prince visited Tokyo for what rivals described as a "fail-on-sword" apology above its transgressions in the country's wealth management market.

Cititrust and Banking Corporation, a trust bank subsidiary, will be hurt down by mid-October 2005. This unit presents investment management and real estate advisory services.

However, Citigroup intends to retain 400 staff from the private banking operation as well as 150 workers at Cititrust. It will also retain its 50 percent share of the a great deal of larger NikkoCiti ...


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