CEO admits that Citigroup finance giant needs culture change

The
chief executive of financial services giant Citigroup has admitted he needs to
do more to change the culture at the world’s largest financial services group.

Speaking
to the Financial Times, Chuck Prince
said he needed to be "more visible" to employees to reinforce the
importance of ethical behaviour.

The
acknowledgement follows continued regulatory problems around the globe, but
Prince denied there was something "uniquely negative" about
Citigroup’s culture.

Citigroup
has also been forced to apologise for a huge trade in European government bonds
that angered European government officials.

Prince
told the FT that the trade was "completely knuckle-headed" and
promised disciplinary action would be "felt stingingly" by those
responsible.

By Johann Tasker

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