Citibank To Consolidate In Europe But Bigger Role For Frankfurt Unit

BANKS

In response to the rising costs associated with maintaining its treasury operations throughout Europe, Citibank has opted to consolidate, a source familiar with Citibank's operation in Europe says. But not all the branches will be reduced, sources say that Citibank will actually increase the size and importance of its Frankfurt office as part of the revamping.

Originally, Citibank's European strategy consisted of having decentralized treasury operations throughout the European continent which