Citigroup abandons U.S. branch expansion plan: report

NEW YORK (Reuters) - Citigroup Inc (C.N) is abandoning its plans to open as many as 100 U.S. branches a year, The Wall Street Journal said on Thursday.

The report said the bank will likely sell or close some new branches in areas like Tampa, Florida, while focusing on large metropolitan areas like Boston, Miami, New York City and San Francisco.

Citigroup was not immediately available for comment.

The Journal quoted the head of Citigroup's U.S. consumer group as saying the move was about optimizing resources.

The report said the company began reconsidering its expansion plans when Vikram Pandit became its new chief executive last month. His predecessor, Charles Prince, stepped down amid mounting mortgage-related losses.

(Reporting by Ritsuko Ando; Editing by Erica Billingham)