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Citibank to close remaining retail branches in Philadelphia

Citibank is all set to shut down the remaining retail bank branches in Philadelphia as well as its Bala Cynwyd, Cherry Hill, New Jersey and Wilmington, Delaware, locations.

The international banking company has already closed 13 of its 23 local branches in Philadelphia, last year, and is now planning to shut remaining seven-branch offices, reported bizjournals.com.

The bank did not say about the staff working in these branches, whether they will lose job or will be offered positions in some other branches.

Citibank spokesman Andrew Brent was quoted by the news portal 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.

In Septmebr, the bank said that it will eliminate approximately 1,000 positions at its mortgage business in the US, as it felt the pinch of gradually decreasing mortgage refinancing activities.