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Citigroup Said To Seek Sale Of 50 Texas Branches In Rural Areas

Friday, August 30, 2013 - 9:26 PMCitibank - Details
Citigroup Inc., the third-biggest U.S. bank by assets, may sell half its Texas branches as Chief Executive Officer Michael Corbat refocuses on the biggest urban areas, three people with direct knowledge of the matter said.

Corbat, 53, is looking to cut costs by $900 million this year and focus on what Citigroup calls the world’s top 150 cities. He’s shutting branches across the U.S. and selling retail units in countries including Uruguay and Turkey.

Citigroup Said to Seek Sale of 50 Texas Branches in Rural Areas - Bloomberg
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