Friday, December 26, 2014

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.

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 JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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