NEW YORK ( TheStreet) -- Japan's top regulator -- the Financial Services Agency -- may order Citibank Japan (C) to suspend part of its operations as a penalty for allegedly failing to adequately explain the risks of its financial products to customers, Dow Jones Newswires reported, citing Kyodo News Service.
The regulator is expected to impose an administrative penalty on the Japanese unit of the bank by the end of this year. It will be the third such penalty for Citigroup in Japan following those in 2004 and 2009.
Citigroup declined to comment on the report.
On Friday, Bloomberg News reported that Darren Buckley, head of Citibank Japan, may step down from his post this month, citing two people with knowledge of the matter. According to the report, the bank is looking for a Japanese national to become the CEO of the local banking unit, in a bid to ensure that the person is familiar with the local rules and retail market.
>To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV