The story did not state whether the closures would only apply to the US. WealthBriefing was unable to immediately confirm the details of the story.

"Where logistically possible, (brokers) may be offered to move branches," the news service quoted a Citi spokesman as saying. But he added that, "In certain locations, office closings will create some reductions."

The move is part of a larger restructuring effort that began when wealth management head Sallie Krawcheck stepped down three weeks ago. She is being replaced by Michael Corbat, head of the corporate and commercial bank for Citi, while the wealth management unit, including Smith Barney and Citi Private Bank, is moving to the investment-banking division.

Citi is also reducing Smith Barney's four divisions to two. The 20 regions within those divisions will be reduced to 15, the memo said. It said the region restructuring will result in "substantial cost savings" and give more authority to the remaining regional directors. The memo didn't specify which regions will be eliminated.

The remaining two division directors will be Ron Ferrelli and Doug Kentfield. Mr Ferrelli will head the northeast and south divisions, while Kentfield will head the west and central divisions. Jerry Eberhardt will retire and Kirby Kuklenski will become a regional director covering the Mountain States region.

Citi is also trying to streamline its brokerage and banking organisations. In July, it began moving some Smith Barney brokers with ultra high net worth clients to Citi Private Bank offices. If more ultra high net worth brokers are moved to private banking offices, it could free up desks for displaced brokers.