Citigroup to Close Boston Branches as Bank Narrows Retail Focus
ByCitigroup Inc. will close its Boston branches to focus on areas where the lender has a bigger presence just months after describing the city as a key market.
The bank will shut six retail outlets in Boston and an additional 11 in the surrounding area in January, Andrew Brent, a Citigroup spokesman, said Wednesday. Each branch has average deposits of $54 million, compared with $155 million at locations in other priority markets, he said. The company remains committed to branch banking in New York, Chicago, Los Angeles, Miami, San Francisco and Washington, he said.
Citigroup is spending money on “enhancing our digital channels and building a new branch model in our major target markets where we have sufficient scale,” the New York-based bank said in an e-mailed statement. “In Boston, Citi’s retail banking presence does not provide such scale so we are reallocating resources.”…
Citigroup to Close Boston Branches as Bank Narrows Retail Focus
