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Citigroup Eliminating 1,000 Jobs in Mortgage Division

Citigroup (NYSE: C  ) announced today that as a result of decreased demand for both mortgage originations and refinancing, its CitiMortgage division would be "eliminating some positions in sales, fulfillment, underwriting and mortgage default functions," in Las Vegas, Nev., and Irving, Texas. This will result in a reduction of approximately 1,000 positions that support the mortgage division nationally.

Of those located in Irving, it is anticipated they will be reassigned to other positions at the location. To those not reassigned, Citi said it will assist in identifying "opportunities both inside and outside of the company" and will provide severance benefits and transition support.

Some 760 employees in Las Vegas are expected to lose their jobs as the company closes its Las Vegas mortgage division. Most of the layoffs will occur by Dec. 20.

In a statement provided to The Motley Fool, Citi noted, "While difficult, these actions reflect our ongoing efforts to increase operational efficiency, adapt to changes in the marketplace, and position the business for the future."

This comes two weeks after Bank of America announced it was cutting 2,100 jobs in its mortgage unit. It is also less than one week after Wells Fargo announced it was cutting an additional 1,800 jobs in its home-loan unit, which followed an August announcement of the reduction of 2,300 jobs in its mortgage-servicing segment.

-- Material from The Associated Press was used in this report.


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9/29/2016 4:00 PM
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