Private bank closure to hit Citibank's forex in Japan

According to one head-hunter in Tokyo, forex made up a greater proportion of the bank's business than structured equity products "The FX that they do in Japan is basically hedging for high-net-worth clients, and this has all gone," he said. "That's $2 billion worth of net profit gone over the next 10 years."

One head of a private bank in Tokyo added that FX structured deposits accounted for a "fairly large segment" of the activity of Citibank's private banking division in the country.


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