Citi replaces its Japan unit head: WSJ

Citigroup has replaced Douglas Peterson, the head of the bank's business in Japan, with Darren Buckley, a media report says.

Attributing to people familiar with the matter, The Wall Street Journal reported that Peterson is returning to New York after overseeing the swift sale of assets in Japan to help the bank repay the US government for its bailout during the financial crisis.

He would be succeeded by Buckley as the head of Citibank Japan, which contains the country's biggest foreign retail- banking network, the daily said.

Peterson joined Citi in 1985-–first in Buenos Aires, then in New York-- where he went on to become its chief auditor in 2000. He also served as country corporate officer in Costa Rica and Uruguay.

The move comes as Citi's business in Japan shrink with the sale of its assets in many units.

According to the publication, Peterson was named head of Japan in May 2004. Under his leadership Citi raised about $11 billion from asset sales in Japan last year.

Citi had sold Nikko Cordial Securities and part of its investment-banking business to Sumitomo Mitsui Financial.

The group had also sold its stake in Japan's third-largest fund manager by assets, Nikko Asset Management, to Sumitomo Trust & Banking Co and its Japanese trust banking unit, NikkoCiti Trust & Banking to Nomura Holdings.