Citigroup Inc.’s Wednesday announcement of 11,000 job cuts will have only minimal impact on the Washington region.
The majority of the job cuts, 6,200 of them, will be in Citigroup’s consumer banking division. Citibank has 41 branches in the Washington region, ranking as the seventh largest bank by deposits. The company has 3,600 employees in Maryland and 600 in Virginia.
The only branch closing in Northern Virginia is in Manassas. Citibank’s branch in Glen Burnie, Md., will also close.
Citigroup’s consumer bank closings will include 44 branches in the U.S. and dozens abroad. It will still have more than 4,000 retail branches around the world.
Citigroup says it will continue to focus its consumer banking business on the 150 cities that have the highest growth potential in consumer banking and further concentrate its presence in major metropolitan areas.
Citibank had $5.17 billion in deposits in the Washington area at the end of 2011, for a market share of 4.4 percent.
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