American multinational financial services corporation Citigroup has decided to close down seven retail bank branches in Philadelphia and its Bala Cynwyd, Cherry Hill, New Jersey and Wilmington, Delaware locations.
Citibank, which had already shut down 13 of its 23 local branches last year, did not revealed the reason behind the closure of the bank offices.
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The bank also did not divulge the number of employees, who will lose their jobs due to the closures.
Citibank spokesman Andrew Brent was quoted by Philadelphia Business Journal as saying, "After a thorough review, we have decided to close a select number of branches in early 2014, including those in Philadelphia. Philadelphia remains an important market for Citi"
"We maintain several key businesses including municipal finance, equities, commercial banking and private banking, and provide financial services for some of Philadelphia’s largest employers, middle market businesses, local affordable housing developments, and the Philadelphia School District," Brent added.
In 2006, Citibank started opening Philadelphia-area branches as part of its strategy to strengthen its New York-dominated geographic footprint.
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