Citibank has opened a new flagship branch at One California St. in downtown San Francisco, replacing a longtime Wells Fargo location, which closed in 2024.
The 12,000-square-foot site near the Embarcadero includes a second-floor lounge that will host events. Services include personal banking, small business banking, mortgages and wealth management. Around a dozen Citibank employees will work there.
Citibank consolidated two smaller branches at 260 California St. and 245 Market St. that closed last month.
The bank has 500 San Francisco employees and is looking to hire more in the Bay Area, as the artificial intelligence boom creates more potential business. Its offices are located at One Market Plaza, across the street from the new branch.
“There’s just so much wealth. We’ve got some amazing clients,” said Ronald Meraz, Citi’s wealth regional director of California and Nevada.
The new branch opened last month and will host a ribbon-cutting with Mayor Daniel Lurie on Tuesday.
Citibank has undergone a major reorganization that included the merger of retail banking and wealth management last year. The bank laid off around 1,000 employees in January, with CEO Jane Fraser warning of more potential cuts, Bloomberg reported. This month, the bank told New York officials that it was laying off 265 workers at its Manhattan headquarters.
Citibank previously said it would cut 20,000 jobs between 2024 and the end of 2026. It had 227,000 employees at the end of September.
Citibank reported fourth quarter revenue of $19.9 billion, up 2% from the prior year and beating analyst expectations.
Citi also opened a new Pacific Heights branch last year, and relocated its Van Ness Avenue branch.
“I think there’s so much opportunity for us to continue to gain market share and talent,” Meraz said.