It is run byRimmy Malhotra, previously an investor at a New York Hedge fund, as well manager at the North American Infrastructure Group of The Citigroup Private Bank.

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Mark Musi, the head of compliance at Citigroup's private bank, says that he has already observed a change.

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These high-profile ousters are a direct response to the decision by regulators in Japan to close Citigroup's private bank there by next September.

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Earlier this year, Citigroup bought a controlling stake in KorAm Bank, which increased its private-banking network there from a dozen branches to over 200, while Standard Chartered last month opened its first branch in Seoul dedicated to private banking.

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Several days ago Prince appointed Chief Financial Officer Todd Thomson to take over supervision of the private bank in Japan as well as become CEO of Citigroup's Smith Barney unit, where the costly scandal over research and investment banking had erupted.

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Obama shunned executives of Citigroup, Bank of America and the rest for zipping around in private planes while the rest of America (the ones who bailed them out) flew coach.

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Citigroup's private banking division said it would stop investing with him, while Bank of America stood firm.

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Investment bank Citigroup faces allegations - which it denies - it tricked Guy Hands' private equity firm, Terra Firma, into overpaying for EMI.

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The card loan portfolio came with a large number of private label deals and catapulted the bank to the third position in the private label card industry after GE and Citigroup.

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