Citigroup Inc. has stopped soliciting clients for some retail banking products in Japan as it awaits the outcome of a government investigation into its compliance with local rules, two sources said.
The U.S. bank told employees at its Japan retail unit in late June not to market financial products such as investment trusts and foreign currencies, said the sources, who declined to be identified as the information is confidential.
Citibank Japan Ltd. is currently reviewing its compliance processes and offering training to staff to improve internal controls, the sources said. Citigroup, which has 32 branches and offices in Japan with 1,780 employees, still helps customers exchange currencies or buy products if asked, they said.