
116 SEVEN SECRETS FOR NEGOTIATING WITH GOVERNMENT
tions, the closure of its private banking business in Japan was a
particularly harsh blow that needed a serious response by the
bank’s leadership.
To deal with the situation, Prince, who had been appointed
CEO the previous year and had taken on the task of trying to
change the bank’s culture, fired three of the bank’s top executives
in New York, as well as several employees in Japan. He then flew
to Tokyo to meet with Japanese authorities, apologize for Citi-
group’s behavior, and explain the steps it would take to clean up
its act. At a large press conference, he took responsibility for Citi-
group’s actions, ...