Citi to Shutter Some Branches After Seeing Drop in Foot Traffic

(Bloomberg) -- Citigroup Inc. will temporarily close as many as 15% of its branches by the end of the week after seeing a drop in foot traffic as more Americans have been ordered to stay home to stem the spread of coronavirus.

The lender is closing sites that are used less and sending branch workers and customers to nearby locations, the firm said in an emailed statement. The bank will also temporarily reduce the hours of those branches that remain open.

“As our clients and communities increasingly self-isolate, we have noticed shifts in foot traffic and market dynamics –- so, to best meet our changing customer needs, we have begun to temporarily close branches where and when it makes sense,” Citigroup said in the statement.

Citigroup has a smaller branch footprint than rivals JPMorgan Chase & Co. and Bank of America Corp. The firm operates roughly 700 branches in just six U.S. cities.

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