According to published reports, Citigroup plans to reduce its branch network in the U.S. to six major metropolitan cities, and focusing instead on credit cards and ‘jumbo’ mortgages. The bank may close its 31 Boston branches as well.

The Wall Street Journal said Citi executives "will present details of the plan, in which its banking operations will be concentrated in New York, Washington, Miami, Chicago, San Francisco and Los Angeles, to the bank’s board next month."

The paper also said Citi is reconsidering whether to maintain its presence in Boston and Philadelphia, where it holds less than 0.5 percent of total deposits.

Citigroup has 1,001 branches nationwide. Bank of America, JPMorgan Chase and Wells Fargo each have more than 5,000, according to the Journal.