Citigroup is set to exit from Massachusetts retail banking market by shutting down its remaining 17 branches in the Boston area.
The move comes as the bank reconfigures its operating model by reallocating resources to digital channels and developing a new branch model in key, target markets, the bank’s spokesperson Andrew Brent said in a statement.
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However, the bank did not disclose details on the precise number of employees to be affected by the move.
The bank would make efforts to help affected employees find other opportunities at the bank if they are willing to, Brent added.
Citi, which started retail banking operations in Massachusetts in 2007, will retain its commercial banking, private banking, municipal finance and other services for institutional clients in the region.
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