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August 24, 2007

CitiGroup to close Portland offices, lay off 260

Mainebiz has learned financial giant CitiGroup will close two of its Portland offices by July 2008, eliminating 260 jobs, most of which are full-time positions.

CitiGroup is closing its Global Transaction Services offices in Portland, which since 2003 have performed back office transaction services for CitiGroup's corporate and institutional clients, to consolidate outside of the state "to better coordinate operations to meet a fuller range of customer needs," Nina Das, a CitiGroup spokeswoman, told Mainebiz Thursday. CitiGroup's Portland employees were notified of the impending closure at a meeting Wednesday. According to Das, all full-time employees will be offered jobs at CitiGroup offices outside Maine though she declined to say where those offices are located.

A Global Transaction Serivces assistant vice president in Portland, who wishes to remain nameless since he's not cleared to speak to the media, told Mainebiz this morning that employees were told Wednesday the closure is due to CitiGroup's recent acquisition of The Bisys Group, based in Columbus, Ohio, a part of which performs the same functions as those at CitiGroup's Portland offices. The CitiGroup employee also said employees from Portland would be sent to Bisys' locations in Columbus, Toronto, Roseland, N.J. and Boston.

Das wouldn't confirm or deny whether CitiGroup's $1.4 billion acquisition of Bisys prompted the Portland closure.

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