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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3292)	6/25/2004 8:17:21 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Citigroup suspends senior bankers in China By Francesco Guerrera in Hong Kong Published: June 25 2004 5:00 \| Last Updated: June 25 2004 5:00 Citigroup has suspended two of its most senior investment bankers in China for allegedly presenting "false information to the company and its regulators". The world's largest financial services group said it had informed government authorities of the suspension of Margaret Ren, its head of China investment banking and the daughter-in-law of former Chinese premier Zhao Ziyang, and Earl Yen, a director in her unit. The move, which could prompt regulatory investigations in China, Hong Kong and the US, could endanger Citigroup's reputation and strong position in China's fiercely competitive investment banking market. ... Citigroup declined to comment further. The two bankers could not be reached for comment yesterday. Rival bankers said the suspension of Ms Ren, a high-flyer with strong political connections who has been credited with Citigroup's recent success in China, would hit the bank's position in the country. "She is Citigroup's main rainmaker, the one who has won them all the recent deals. It is going to be tough for the company to get out of this one," said a senior executive at a rival investment company yesterday. news.ft.com