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Citi Handlowy to slim down retail banking


2012-03-20



Citi Handlowy, the Polish unit of Citibank of the US, plans to cut up to 11% of its workforce and trim its branch network by 40% over 2012-2015, in an effort to boost profitability in a more challenging market environment characterised by weaker consumption and high unemployment.

The decision to axe up to 590 jobs and shut down around 60 branches is part of the bank’s new strategy, which entails a move away from the model of a universal retail bank to focus on affluent customers in the big cities, while reducing its presence in smaller cities and towns and its exposure to lower income groups. At the same time, Citi Handlowy – which serves mainly large corporations – aims to significantly increase its presence in the SME sector, with a plan to win 500 new SME clients a year in the coming years. Growth in these areas is expected to bring new jobs, partly compensating for the losses elsewhere.



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