Japanese regulator punishes Citibank

JAPAN - The Japanese branch of Citibank, a part of Citigroup, the world's largest financial services company, has been punished by Japan's financial services agency, the country's chief financial regulator, for illegally helping clients to conceal losses.

The bank has been ordered to close its alternative investment strategies division, a nine-person division with 14 mainly institutional customers that looked after hedge-fund, structured credit and other related investments, between 10 August