News of the Competition

September 25, 2015

NEW YORK (9/25/15)--Citigroup Inc. said Wednesday it will close its Boston-area branches to narrow its retail focus to other major U.S. metropolitan areas.

The bank will shutter six retail outlets in Boston and 11 more in the surrounding area in January, Andrew Brent, a Citigroup spokesman told Bloomberg. Each branch has average deposits of $54 million, compared with $155 million at locations in other priority markets, Brent said.

Among the areas Citigroup will focus on are New York, Chicago, Los Angeles, Miami, San Francisco and Washington, he said.

In a February presentation, Citigroup, the third-largest U.S. bank by asset size, said Boston was one of its seven major U.S. locations. Last year, the company agreed to sell 41 retail branches in Texas, including those in Dallas and Houston, to BB&T Corp. Citigroup also has closed branches in Philadelphia.