Citibank opened a new flagship branch at One California in downtown San Francisco, replacing a longtime Wells Fargo location that closed in 2024, the bank said. The 12,000-square-foot site includes a second-floor lounge for events and will provide personal banking, small business banking, mortgages and wealth management services, and the bank said around a dozen employees will staff the location.
The bank consolidated two smaller branches at 260 California Street and 245 Market Street that closed last month, and Citibank said it has about 500 San Francisco employees with offices at One Market Plaza across the street. Ronald Meraz, Citi’s wealth regional director of California and Nevada, said there is “just so much wealth” in the area and that the bank has “some amazing clients,” and he added the bank sees opportunity to gain market share and talent.
Citi scheduled a ribbon cutting with Mayor Daniel Lurie on Tuesday and has recently opened other Bay Area locations, including a Pacific Heights branch last year and a relocated Van Ness Avenue branch, the company said. The move comes as Citibank has reorganized its businesses, merging retail banking and wealth management last year and cutting jobs, including around 1,000 layoffs in January and additional reductions reported to New York officials this month, Bloomberg reported.
Citibank said it expects further workforce changes after previously announcing plans to cut 20,000 jobs between 2024 and the end of 2026, and the bank reported fourth quarter revenue of $19.9 billion, up 2 percent from the prior year and beating analyst expectations.
Federal Lawsuit And Consumer Rate Context
A federal suit filed on March 16, 2026 in the US District Court for the District of New Jersey names Citibank and Shellpoint Mortgage Servicing, and plaintiffs David and Anahit Ambartsumyan of Creskill, New Jersey allege loan modification deception and national origin discrimination. The complaint says a modification was offered and accepted, but the paperwork contained different terms, including higher monthly payments, an undisclosed $15,000 lump sum and a 40-year loan term that increased interest costs.
The filing says the Ambartsumyans first sought enforcement in December 2020 in Bergen County Chancery Division. The plaintiffs allege foreclosure counsel then filed a foreclosure complaint on May 6, 2021 that certified no other litigation was pending, a representation the plaintiffs say was false. They also say a foreclosure order lacked a judge’s signature and seal and that a May 13, 2024 assignment of the final judgment lacked proper documentation and contained contradictory transfer representations.
The complaint adds a discrimination claim, noting David Ambartsumyan is Armenian-American and that the couple were denied COVID-related relief others received, and it references a prior CFPB sanction against Citibank for discrimination against Armenian-American applicants. The plaintiffs ask the court to set aside the foreclosure judgment, block a sheriff’s sale and award compensatory and punitive damages, and they have demanded a jury trial. The defendants have not yet responded.
Separately, Citibank appears in national product comparisons, offering a five-month certificate of deposit with a 3.50 percent APY and a 3.70 percent jumbo APY for higher deposits, according to rate listings dated March 19, 2026. The rate table shows major banks with short term CDs paying up to 4.00 percent, and advisers describe CD mechanics and laddering as ways to lock rates while keeping staggered access to funds.
The CD guidance in the listings notes CD types such as no-penalty, bump-up and jumbo accounts, and gives a laddering example splitting $5,000 across staggered terms to create regular maturity access while potentially preserving higher yields.
