March 20, 2008
Citibank to close 10 branches in northern Conn.
Citigroup has confirmed that it will be closing 10 Citibank branches in northern Connecticut, and has cancelled plans to open a new branch in the region as well. The company declined to identify the locations that would lose their Citibank branches.
"In order to provide the best service to the market, we would need to greatly expand our branch coverage. We believe that divesting these branches and devoting our resources to other opportunities and locations is the best course for our company, our employees and our shareholders at this time," Citigroup said in a written statement. "Citibank is committed to maintaining and enhancing its franchise in southern Connecticut, where we have had a presence for many years."
Citigroup posted a $10 billion loss in the fourth quarter of last year, primarily due to sour subprime-related investments.
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