Citigroup to end retail banking in Massachusetts

Citigroup Inc. will pull out of the Massachusetts retail banking market in January, closing its remaining 17 branches primarily in the Boston area and later ending its sponsorship of the Citi Performing Arts Center in Boston’s theater district.

The New York-based financial giant said it will maintain its private bank office for wealthy customers and continue to serve institutional and commercial banking clients here, but will exit the naming rights contract for the performance venue when the agreement comes up for renewal in November 2016, said Andrew Brent, a bank spokesman.

The bank has decided to focus more on its target markets, including New York City, Los Angeles, Miami, New York, San Francisco and Washington, Brent said.

Read on.

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