Governance Problems in Citigroup Japan
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Case Details: |
Price: |
| Case Code |
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BECG043 |
For delivery in electronic format: Rs. 500 ;
For delivery through Shipping & Handling Charges extra: Rs. 500 +Shipping & Handling Charges extra
ThemesCorporate Govenance |
| Case Length |
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14 Pages |
| Period |
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2001-2004 |
| Pub. Date |
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2004 |
| Teaching Note |
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Not Available |
| Organization |
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Citigroup |
| Industry |
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Financial Services |
| Countries |
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Japan, US |
Abstract:
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In September 2004, Federal Services Agency (FSA), the financial regulatory body of Japan, announced the closure of Citigroup's Private Banking business in Japan starting from September 30, 2005 onwards. Independent investigations conducted by FSA revealed major violations of law by the Private Banking unit. It was involved in activities which were permitted to be performed by only securities companies and not banking companies. The case details the irregularities in Citigroup's Japanese operations and highlights the importance of good governance. It also examines the measures taken by Citigroup to fix these problems and analyzes the efficacy of these measures.
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Issues:
» The importance of good governance in a financial services company
» The need for proper internal control measures and transparency in the dealings of a financial firm
» Need for coordination and close supervision of the foreign operations by a global financial services organization
» The importance of maintaining corporate integrity without succumbing to the temptation of short term benefits
» Study the role of regulatory agencies in Japan
Contents:
Keywords:
Citigroup, Corporate Governance, Private Banking, Illegal Conduct of Business, Money Laundering, Financial Services Agency, Lack of Internal Control, Management Control System, Business Improvement Plan
Governance Problems in Citigroup Japan
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