updated 10/20/2004 9:21:51 AM ET 2004-10-20T13:21:51

Citigroup Inc. has forced three senior executives to leave the company in connection with a scandal involving its private-banking operations in Japan, U.S. media outlets reported Tuesday.

According to the reports, the three are Deryck Maughan, vice chairman and head of Citigroup's international operations, Thomas Jones, head of its asset management division, and Peter Scaturro, chief executive of its private banking operations.

Last month, the Japanese Financial Services Agency ordered Citigroup to withdraw from the private banking business in Japan by the end of September 2005 after finding local Citibank offices have engaged in a number of illegal business activities, including extending loans used to manipulate stock prices.

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