Citigroup, Goldman, NASD Fines

Citigroup has been eating humble pie again in Japan. Douglas Peterson, the head of Citigroup's operations in that country, was hauled before a Japanese parliamentary affairs committee earlier this week.

Speaking about the activities at the group's private banking operation, which is being forced to close down next year, Peterson said that 'there was an aggressive sales culture whereby attention was not paid to the rules......We acknowledge there was a fundamental flaw in our organisation involving a weak culture of compliance and internal controls'.

Citigroup is said to have appointed 100 investigators to examine every transaction its Japanese private banking unit undertook in the last three years. It has promised that it will compensate clients who had been disadvantaged. The final compensation figure could well be significant.

Goldman has been tinkering with its senior management at the firm's European operations as the pack has again been reshuffled. A spokesperson said that 'traditionally, Goldman Sachs promotes its most senior and talented people into top-level client facing roles'. And who said back office staff were second-class citizens ?

And finally, The National Association of Securities Dealers has fined 29 brokerage firms, including Merrill Lynch and American Express Financial Advisors, $9.2m for 'violations related to the timely filing of regulatory (broker)information.' Morgan Stanley was fined $2.2m for a similar offence in July.

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