Citigroup’s Chief Executive Officer Chuck Prince released a five-point plan with emphasis on staff training and independence, according to an internal memo.

The move from the world’s largest bank follows a high-profile bond-trading debacle in Europe and loss of its private banking license in Japan.

According to Reuters, the memo is focused on training, improved communications, development of talent, performance appraisals and compensation, and strengthened controls.

All staff will attend obligatory annual ethics training and the bank is to provide “ethics hotline" for its staff.
Prince aims at creating a new structure that will be called the Independent Global Compliance function, strengthening the bank’s independent controls, putting extra resources into compliance and audit.

The memo said that it would happen "throughout the company to support the business in their efforts to grow responsibly, minimize mistakes, and to ensure that when mistakes occur, they are handled appropriately”.

Senior management will also undergo annual anonymous feedback from their staff. Appraisal will be combined with a more consistent review process across the bank.

The initiatives set forth in his memo will be put into effect in the next 12 to 18 months, Prince promised. The former lawyer has criticized his company’s behavior and apologizes publicly for their effects.