As part of a global retrenchment, struggling Citibank will close nine of its 31 Massachusetts branches early next year, the company said.
The bank wouldn't disclose the specific branches that will close, but said they will be mostly outside Boston and the closures will take effect March 15.
"Citibank will maintain a significant branch network presence in the city of Boston, as our strategy is to serve clients with excellence throughout the world's top cities," said Citibank spokeswoman Catherine Pulley. "Like any business with a retail footprint, we are continually acting on opportunities to optimize our branch network, which includes opening, renovating and in some instances closing or relocating branches. Boston remains a U.S. key market for Citibank."
Citibank has already notified employees in the affected branches, Pulley said. Most will have an opportunity to find other positions at Citi, while the rest will receive severance packages, she added.
The company plans to notify customers formally Dec. 3 and will automatically transfer their accounts to other branches, Pulley said. "We want to make this as seamless as possible for our customers," she added.
The company recently announced it is closing nearly half its branches in Greece and three branches in Texas. But it plans to keep the total number of branches in the United States to "around 1,000," Pulley added.
News of the Massachusetts closings comes a month after Citigroup CEO Vikram Pandit stepped down.
"The new management team is looking at every line of business Citi has, from retail banking to investment banking to global banking," said Gerard Cassidy, managing director of bank equity research for RBC Capital Markets. They want to deliver the highest possible return for their shareholders."
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