Citibank's earning can't be all that great
Could the failure of CITI cause the 3rd wave?


Citibank Japan to suspend
retail sales after FSA order
Jul 14 05:01 AM US/Eastern

TOKYO, July 14 (AP) - (Kyodo)—Citibank Japan Ltd. will suspend sales activities at its retail banking division for one month from Wednesday in line with an order from the Financial Services Agency over its slack . . .

money laundering

controls that allowed the. . .


opening of several hundred accounts for crime syndicates and other "antisocial" bodies.

The FSA ordered Citibank Japan on June 26 to suspend all sales operations at the division, including advertising, sales campaigns and solicitation, for the month through Aug. 14.

The financial industry watchdog also required the bank to submit a management improvement plan by the end of July and follow-up reports every three months.

In 2004, the U.S. bank was ordered by the FSA to upgrade its anti- money laundering controls. The FAS issued the second order last month as it concluded that the bank had failed to take sufficient steps.

More bad Citibank news

WASHINGTON (Reuters) - In leaving CIT Group Inc to sink or swim on its own, U.S. officials are gambling that financial markets and the economy are now strong enough to withstand the possibility a big lender collapses.
On Wednesday, ten months to the day after the bankruptcy of Lehman Brothers exacerbated the global credit crisis, CIT said bailout talks with the government had ended, a development which may push the 101 year old company closer to failure.
Judging from the calm reaction in credit and stock markets on Thursday, it appears investors think leaving CIT to fend for itself is a safe bet. ( learn more at )