Wednesday, April 1, 2015

'Hundreds' laid off at Citizens Bank: Update

Phillies sponsor cuts 15 local branches: report

'Hundreds' laid off at Citizens Bank: Update

Citizens Bank, the US arm of Britain's Royal Bank of Scotland, is going through its second round of branch closings and layoffs since the 2008 financial crisis. A laid-off staffer tells me 15 Philadelphia-area branches (9 freestanding, 6 in groceries) are being shut and staff dismissed. No immediate statement from the bank. Across the Northeast "hundreds" are losing their jobs, according to news reports in Rhode Island where Citizens is based.

Around Philadelphia, the bank operates the old PSFS and Girard Bank branch networks and pays  for naming rights at the Phillies' Citizens Bank Park.

UPDATE: Citizens spokeswoman Sylvia Bronner gave no details of the Philadelphia-area cuts.
"Given the increasing popularity of mobile and online banking, we are in the process of expanding both of those services as we also make improvements to our ATM network and adjust our branch structure to better fit the traffic patterns of our customers...  We also have consolidated some functions and reduced spending to make our operations more efficient given the reality of today's economy."

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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