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U.S.-based Citigroup Inc. is planning to downsize its network in six major U.S. and Canadian metropolitan areas by closing or selling some of the branches. The targeted metropolitan areas in the U.S. are New York, Washington, Miami, Chicago, San Francisco and Los Angeles. The plan will be presented to the Board of Directors next month.
Citigroup has only 1,001 branches in the U.S., which is not remotely close to the networks of archrivals Bank of America, J.P. Morgan Chase and Wells Fargo, each having well over 6,000 branches each.
After having received 45 billion USD in State aid, Citigroup closed the second quarter with a profit of 4.28 billion USD, contradicting popular predictions that losses would be incurred. Citigroup closed the first half of the year with retail deposits of 135.7 billion USD in the U.S. and Canada.
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