The CEO of U.S. banking giant Citigroup Inc. apologized Monday for the bank's misconduct in Japan and said it will terminate its private banking business here for wealthy customers by Sept. 30, 2005.
Charles Prince also said the bank will wind down Cititrust and Banking Corp., a Japanese trust-bank subsidiary, by mid-October 2005, due to its organizational problems.
"I'd like to fully apologize to our customers and the public for the problem that has occurred in our business in Japan and for any concern and inconvenience this has caused," Prince told a news conference in Tokyo.