Citigroup Inc. fired eight and suspended three bankers from its Hong Kong equities trading desk after an internal investigation into interactions with clients, Reuters reported, citing people with knowledge of the matter.

The internal review looked into traders' disclosures to clients on transactions where Citi acted in a principal capacity, rather than just broking a transaction between different parties, the report said. Citi said in a statement to Reuters that it found instances where Citi's role was not accurately represented by traders.

The company added that it is compliant with local regulations, and has introduced regional procedures and controls for trade facilitation to boost transparency.

Philip Shaw, a senior equities executive in Hong Kong, and Cindy Lui, a trader, are reportedly among those that left following the review, according to a Bloomberg News report.