Tuesday, October 6, 2015

Citibank to close 13 Philly-area branches: report

As part of wider cost-cutting

Citibank to close 13 Philly-area branches: report

MARK LENNIHAN / Associated Press
MARK LENNIHAN / Associated Press

Citibank will cut 13 Pennsylvania branches as part of its ongoing cost reductions, which also include axing 5,000 I.T. people, Bloomberg reports here (search story for "Pennsylvania").

The Federal Deposit Insurance Corp. lists 21 Citi full-service branches in PA, all in the Philadelphia area. Citi recorded around $800 million in deposits at its Doylestown office, apparently its local office of record for corporate and branchless accounts; plus around $900 million at the other 20 branches combined, for a per-branch average of less than $50 million, small by big-bank standards. 

The local offices, developed in Citi's effort to enter the Philadelphia and Boston markets in search of loan customers and cheap deposits starting in the mid-2000s, cost Citi around $3-4 million each. Some of the Boston-area branches are also slated to closed.

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
Also on Philly.com:
letter icon Newsletter