They will keep the operation going for the long term but will focus only on the cities that they have a strong and secure presence.
Cities of Focus for Citi Bank:
- New York
- San Fransisco
Citi Bank has tried over the years to establish a retail and community banking presence such as their counter parts Bank of America and Wells Fargo who each have 6000 locations a piece. Citi has never been able to capitalize on the market with only 1000 branches of their own and they will be closing many of those.
Overall this is probably a good move by the board over their in the struggling land of Citi Group. Their operations have been spread all over the place over the last decade and have failed to manage any sort of synergy such as Bank of America.