Bank of American and Citigroup have agreed to end operations at 1,200 branches in the capital and to close a further 700 branches, the companies announced on Wednesday.
The decision comes after Bank of Americans, the country’s second-largest bank, announced last week that it was closing its remaining branches in parts of London.
Citi has more than 300 branches in Europe and the United States, and is the third-largest U.S. bank by assets.
The company also has branches in New York, Miami, and Tokyo.
The companies announced that they would be closing their London offices from June 30 to September 30, 2020, but will continue to provide financial services in their remaining locations.
“Citigroup and Bank of America have come to the realization that they cannot continue to serve the markets that we have built, and we have decided to end our relationship with our London branch,” said Michael Mankiw, President and CEO of Bank of Americas, in a statement.
“We are deeply disappointed with the decision to close our London and Frankfurt offices.
Our decision will continue our focus on our core business in London and we will continue the important work of building a strong bank for the people of Britain and the U.K. Bank of America has served customers for more than 60 years and is one of the largest and oldest U.N. credit institutions.
The bank is committed to building an innovative, sustainable business, focused on the U,K., and the global economy.”
“The Bank ofAmerica and Citicians decision to terminate their London branches reflects our continuing commitment to providing a high quality banking service to our customers,” Bank ofAmericans Chief Financial Officer John Gorman said in a press release.
“As we continue to invest in our London business, we expect to continue to deliver a superior experience and a stronger product for our customers, customers, and customers of Bank America.”
The announcement comes after Barclays announced it would close its London branch, which it has operated for more or less 15 years.
Last month, the company announced that it would cut 1,300 jobs in the city and close its remaining offices in the Uptown and East London areas of London, while continuing to service customers in the rest of the city.
In the statement, Barclays said that it will be closing approximately 500 branches, which will result in “significant” reductions in service and quality of service.
It also said that the company is looking to continue providing services in the new offices.
Banks in the UK are required to have branches in every part of the country, including London.
The move to shut down branches in areas outside London comes after the Financial Conduct Authority announced that British banks would have to open at least five branches in each part of Britain.