Citigroup Restructures U.S. Consumer Finance Business, Closing 330 Branches
June 03 2010
Source : The China Post
NEW YORK -- Citigroup Inc. is closing 330 branches of its U.S. consumer finance business as part of a restructuring aimed at finding a buyer for the unit, the bank said Tuesday. The branch closures at CitiFinancial will result in about 500 to 600 job cuts across 48 U.S. states, the bank said.
The U.S. business of CitiFinancial will also be split into two parts, one offering personal, home equity and refinancing loans and the other handling loan modifications and restructuring, Citigroup said.
CitiFinancial will be renamed after the reorganization is complete.
The restructuring “will provide a lot of clarity” into CitiFinancial's operations for potential buyers of the business, CitiFinancial CEO Mary McDowell said in an interview.