Douglas Peterson was attending a business dinner at a Tokyo restaurant early last September when he received an urgent call on his mobile phone-one he had been expecting since being appointed head of Citigroup's Japan operations three months earlier.Unable to extract himself from the dinner,he met the caller,a Citi staff member,in the bar.The news was grim:Japan's Financial Services Agency,which had been investigating alleged improprieties at the bank for months,had come to a decision.It would terminate Citigroup's private banking operations in the country.
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