Reports are speculating that Citigroup Inc. has named Darren Buckle as the Chief of its Japan division, who would be replacing Douglas Peterson. The Citigroup had sold assets in the world's second-largest economy only last year.

43 year old Mr. Buckley will be in-charge of Citibank's Japanese operations and will oversee "slimmed-down operations".

In May, Citigroup had agreed to sell its retail brokerage and some units of its investment banking division across Japan to Sumitomo Mitsui Financial Group Inc., and the deal had fetched Citi 545 Billion Yen ($5.8 Billion). In September 2008, Mr. Buckley was named the President of Citibank Japan, and he had originally joined the group in London in 1992.

51 year old Mr. Peterson, on the other hand, had joined Citigroup in 1985 and had been serving the company as the Chief Auditor starting 2000. In May 2004, he was named the head of the Japan division.

No confirmation about the development has yet come in from any of the parties involved.