Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Citigroup Said to Seek Sale of 50 Branches in California

April 22 (Bloomberg) -- Citigroup Inc. is seeking bidders for about 50 branches holding $3 billion in California as the third-largest U.S. lender pares brick-and-mortar outlets, said three people involved in the process.

The offices, located in rural areas from Sacramento to north of Los Angeles, could sell for more than $100 million, said the people, who asked for anonymity because the negotiations are confidential.

Citigroup had 384 branches in California holding close to $48 billion in deposits as of June 30, according to the Federal Deposit Insurance Corp. It wants to keep its offices in Los Angeles, San Francisco and San Diego, the people said.

Chief Executive Officer Michael Corbat is trimming outlets in the U.S. and abroad as the New York-based company focuses on what he has called the world’s top 150 cities. It sold 21 branches in Texas in December to BB&T Corp. Citigroup had more than 3,700 locations worldwide at year-end, with fewer than 1,000 in the U.S., according to its annual securities filing.

“We continue to rationalize our branch footprint in North America by reducing the number and size of our branches while concentrating our presence in major urban areas,” Chief Financial Officer John Gerspach said on the company’s first-quarter earnings call.

Andrew Brent, a bank spokesman, said the bank doesn’t comment on market rumors.

Citigroup failed to find a buyer for 16 Nevada branches last year, people familiar with the matter said. Wells Fargo & Co., based in San Francisco, has the nation’s largest network with 6,175 retail banking offices as of Dec. 31.

To contact the reporter on this story: Matthew Monks in New York at

To contact the editors responsible for this story: Jeffrey McCracken at Rick Green, Dan Reichl

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.